King Kong is a masterpiece. That holds whether you're referring to the 1933 edition or Peter Jackson's fan service from 2005. Kong is a magnificent creation, filled with wonder, incredible sights, and enormous entertainment value.
While the idea of stretching a 90-minute piece into a three-hour epic sounds ridiculous, Jackson makes it work. Instead of being faceless actors, the characters that perish have meaning. Each has a reason for being and a purpose that directly affects the story in some manner, even if only for added dramatic effect. Jackson takes the time to do this properly, and yes, it could still be trimmed without significant damage. However, this is the director's call and his own vision of what Kong should be.
It only takes an hour to gain the first glimpse of the giant ape. From there, he dominates the screen much like he rules over his domain in the film. Naomi Watts delivers a stunning performance, made all the more impressive given that she can't see most of what appears in the finished work.
This update is about pure fantasy, delivering over-the-top action that is so wonderfully choreographed, you can't take your eyes off of it. Instead of one flesh eater trying to score a meal from Kong, there are three. Instead of one brontosaurus stampeding, there are dozens. It's not meant to be realistic, even if the nearly perfect effects from Weta say otherwise. This is escapism, showing the audience the impossible in a manner that has never been seen before.
Jackson's Kong interpretation will likely never be undone. Certainly if Kong creator Merian C. Cooper had the means, this is what the original film would have been. Sit back and enjoy yourself. It's what movies are made for, and they rarely come better than King Kong. 
It's easy to be taken away by the picture on this new format. Compared to a standard DVD, the amount of detail is unimaginable. Background foliage that used to be mashed together into a green blob is now crisp and identifiable. Kong himself contains unseen detail, along with flowing fur that can be difficult to make out on the standard releases. You can probably count the grains of dirt on the actor's faces if you have too much time on your hands. This is up against one of the best looking standard DVDs of all time as well.
That's not to say this is perfect. Grain is evident on a regular basis, particularly noticeable in the scene where Carl Denham discusses the upcoming voyage with Ann in the restaurant. Compression can be seen during moments with deep reds. The curtain before the reveal of Kong in New York is bothersome. However, this is definitely the demonstration for the format. It's made to be seen in this manner, and it's hard to appreciate it properly otherwise. 
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