It is quite the improvement in terms of look, but there is something about the "feel" to the game on the Original Xbox. Hard to explain. The colors are different (less vibrant now). Maybe the now one will grow on me. I'm about 5 hrs in.
Sorry about the real-world shots. I suppose I should use screenshots but I haven't put any time into rigging up a way to do it with my old consoles. Regardless, this gives you a sense of the differences.