It's been a long time since I last saw the original (I deliberately refused to watch it so that it wouldn't bias my opinion of the reboot.) so I can't say exactly how faithful this movie was but it was enjoyable. No movie can be awful if it has both Gary Oldman and Samuel L Jackson in it. (And, yes, Samuel L did manage to get a "motherfucker" in there.)
Overall, the movie was... good. Not amazing, just good. I think this was one of the better reboots that have been done recently. (Don't get me started on how awful Carrie was.) It won't knock your socks off but it isn't a complete waste either.
When we went up to get our tickets, the guy behind the counter said, "Two for Robocop? Wow. That's something I never thought I'd hear myself say." Lol.