Polished remake of the 1987 version, enjoyable on its own terms
The 2011 version of A CHINESE GHOST STORY changes the dynamic between the characters from the 1987 film (itself a remake of the classic Shaw Brothers film THE ENCHANTED SHADOW by Li Han-Hsiang) by casting handsome, younger HK idol Louis Koo in the role Wu Ma played as an elderly, wise sifu in Tony Ching Siu-Tung's film - and adding a romantic relationship between him and the friendly, beautiful demon played here by Liu Yifei (Joey Wong in the 1987 film), which effectively creates a love triangle. This is all the more pleasant since Koo is a stronger actor and screen presence than Shaoqun Yu, who replaces the famous Leslie Cheung from the earlier film. Yu comes off as annoying and dumb rather than naive, so it's good that his role has been reduced in importance in the new version. Also, the new screenplay throws in other HK fantasy motifs into the mix, like the presence of both green and white snakes who we may remember from Green Snake (Tsui Hark, 1993) or its 2011 remake, The Sorcerer and the White Snake (directed by the same Ching-Siu Tong who helmed the 1987 CHINESE GHOST STORY).
If judged on its own terms, the 2011 CHINESE GHOST STORY (it's actually "A Chinese Fairy Tale") is an entertaining fantasy spectacle that boasts good production values, solid, sometimes spectacular f/x, a coherent story (apart from the somewhat confusing opening - in itself a given in HK movies!), generally solid acting (especially by Fan Siu-Wong and the charismatic Kara Hui) and fine cinematography by veteran lenser Arthur Wong. The pacing is quicker than in the 1987 film and thus sacrifices the languid, latent eroticism and generally darker atmosphere of Ching's version. It aims to appeal to a younger audience, probably the TWILIGHT crowd. As such, it succeeds.
What one misses most is indeed the late Leslie Cheung - especially since the makers of the new version (Wilson Yip, director of Ip Man) chose not only to dedicate the film to his memory, but also included the original song, performed by Cheung, over the end credits.
Truth be told, the 3D effects don't add up to much. There are no spectacular pop-ups, and the spatial differentiation is modest (but present). One can safely assume that the 3D was created "after the fact" by computer.
A CHINESE GHOST STORY 2011 is an entertaining fantasy spectacle, especially for younger audiences, that will please those who can open their minds a teensy bit to NOT compare it to the 1987 film all the time. It will probably never be seen as a classic, but as far as contemporary HK fantasy wire fu goes, it's pretty close to the top of the heap.