Much better than the new version
Sometimes less is more and that's definitely true when comparing Depps new version of the masked hero with this 1981 version starring Klinton Spilsbury.
With the 81 version, Everything from the tone of the movie to the cinematography to the score is spot on and keeps true to the western genre. Something the current version lacks in an attempt to cash in on the Pirates of the Caribbean craze of high tech explosions and heavily used CGI. The goofy banter between Depp and Armie Hammer (who plays the Lone Ranger) takes the movie down a silly buddy comedy route. Think Starsky and Hutch. If you like silly buddy comedies, than the new version is right up your ally. If, however, you are looking for something that's more of a dignified recreation of earlier high quality westerns that offers a rip roaring good time with all the seriousness kick assness of an Eastwood western, than you will definitely want to check out the the 81 version.
Like Matrix, I fight for love.