Ok, so checked out the new trailer for this today. Knowing a little story background - The kid moves to China with his mom. The bullies in the film call him "karate kid". That's where the title is taken from. After watching the new trailer, I'm sold - it looks great. Is it the original? No - but I think that this remake will do the original some justice.
http://www.youtube.com/watch?v=bxBQS_Qn5m8
Embedding was disabled for trailer.
Embedded vid for the "name calling"