Having seen and quite enjoyed the Spanish original I was a bit concerned about seeing it remade. My concerns were unfounded though as it turns out since, while the director did use the general idea of the original, he did not so much do a remake as a spin off. The setting, characters, general plot, and ending all very significantly deviate from the original, and there is even a detailed back story added which creates, if not sympathy, at least comprehension for the acts this family does.
The movie itself is beautifully developed to create both a very plausible realism and very well defined characters. It is these characters that are the goal, and the movie does not resort to needless gore to satisfy cruder appetites. The acting is carried off quite flawlessly, and we do find ourselves at least rooting for the children to some degree. All in all it was well worth the watch.
Would I say it is better than the original? Well, given that they are both very different it would be unfair to pit them against each other directly. I will say I did prefer the original overall as it was first, so it took some of the novelty out of the second, and the original made it more of a sort of very twisted coming of age tale than the second movie did, and I really liked that dimension of it. But if I look at them more as apples and oranges, I would say they both are very well done and each earns its place as a highly recommended piece of work.