Ahh, where do I start. Oh, I know. First off, I haven’t seen the original version, so I can’t compare them.
The movie, overall, was not very ‘horrifying’. It was gory at best. The plot and characters were lacking, to say the least, but it’s a fun movie, if you’re in the mood for horror and a little comedy at the same time.

The cons:

Okay, seriously. What was with the guys at the Clark Sanatorium? The guard and the guy delivering food? A random Santa wanders in and they decide to suddenly act as creepy as humanly possible? Just…what?
Suspension of belief is one thing, especially in horror, but this movie pushes it — for example a woman is stumbling backwards in shock from seeing a murder, and an icicle falls on her head and kills her. Really? The roads are snowed in, so it will take 2 hours for the police to get there. In reality, if I called the police and said there was a murderer in my house who had already killed one person and probably three others, I’d like to think they’d walk to my house, instead of waiting two hours so they could drive there in comfort.
These people are stupid. There’s just no getting around it. A few examples: one of the killers comes into a room where a girl is trying to open the window to escape. She looks around and grabs a ski pole (good so far), and… here’s where it gets stupid. She bashes the killer with the pole. Have you ever seen a ski pole? Those things are freaking sharp at the end. It’s far harder to defend yourself against an incoming small pointy thing than it is to defend against a swinging, unsharp pole with lots of room to grab. Despite this, the killer gets beaten to the ground, at which point, the girl… drops the pole and goes back to the window? Without killing, or at least knocking out, the killer? Yup. She drops her weapon, turns her back on a still-fully-functional killer, and tries to open a window so she can escape.
Another example of stupidity under pressure is when they all agree it’s safer for them to stick together — and then they immediately separate. Okay, they’re panicked, maybe a little drunk… but try this. What if all of them just gathered in one room, sat in a circle facing outwards while holding as many pointy objects as possible, checked the floor, checked the ceiling, etc. until the police got there? It’d be pretty hard for the killers to get them. But instead, they all scatter so they can conveniently get picked off one by one. Like I said, the whole suspension of belief thing only goes so far.
Not sure if this is a pro or a con, but most of the movie was totally predictable. Woman gets out of the car, leaving another woman inside, to clear the ice off the windshield. She clears a little patch. What does she see? Well, the killer, of course. Never would have seen that one coming.
It’s cheesy. Billy the killer was born with a rare disease that turned his skin — and apparently his eyes as well — yellow. Seriously? And then there’s the overuse of “She/he’s my family now” and “everyone should be home for Christmas”, spoken in that horrible, supposed-to-be-funny tone.

The pros:

It really is a fun watch. It doesn’t take itself too seriously, which it shouldn’t. I think it would be hard to make a Christmas horror movie that anyone could take seriously.
At least it’s consistent in its stupidity. It’s not like those movies that are great except for the one giant gaping plothole that ruins the whole thing. It’s just a constant level of unintentionally funny gore, screaming, and stupidity.
The first half of the movie is much better than the second half. I think the movie could have turned out pretty well, maybe even have been scary, if they had cut the second half out and replaced it with less cliches.

The leg lamp from A Christmas Story is in one of the rooms.

So overall, I found it stupid, but entertaining. It all depends on what you’re looking for.