I love the new True Grit. I just bought a DVD copy for my son, and I'll pick up a Blu-Ray for myself.
Its hardly a flop - at last count its made about $250,000,000.
The Coen's have said they used the book as their source material, rather than remaking the John Wayne version. The two movies are similar where they are true to the book. The Coen's ending is straight from the novel.
I loved John Wayne in the original, but Glen Campbell and Kim Darby almost kill that film for me.
Jeff Bridges' Rooster is also much truer to the character that Charles Portis created - he's barely on the right side of the law, and has a very dark past.
I like both movies, but think the Bridges/Coen version is much more realistic and enjoyable.