I made a 4+ hour drive to Memphis to see this opening day. It was screened in a small room (36 seats) in a large multiplex. Almost sold out but not quite.
I definitely think they got the feel they were shooting for. Some suspense, some humor (but not too much) and gore. It was a fun movie overall. The added humor does take it out of the realm of a "true" slasher and changes the feel a bit but it doesn't detract from the film.
Kane, Tony and Robert Englund were terrific. Although their screen time is somewhat limited they add just enough to the film. The rest of the acting was ok and there are no "rookies" in the cast.
They definitely left a huge opening for Hatchet II.
Not a classic but certainly a film worth checking out if it's near you or picking up on DVD.