It improves on the original, that's all you want from a remake.
I just about, marginally, liked the 1963 film, whereas I actually did comfortably enjoy 'Homeward Bound: The Incredible Journey'. The animals are as adorable in this as they are in the first film, with more definitive care taken for them - that's not, arguably, the case in the '63 production.
The premise is changed up in some areas, there's a scene that proceeds the conclusion which is rather nice and isn't in the other. The whole feel of this is more engaging, helped by the fact that it gives the animals a voice which works better than just a sole narrator; as was done in the 60s.
Michael J. Fox is a strong choice for the voice role of Chance, while Sally Field and Don Ameche are solid in their roles as Sassy and Shadow respectively. Those three help make this a fairly enjoyable 84 minutes.
Another positive thing is the locations, with some wonderful shots of the environment that the animals traverse through. Overall, a good film - nothing more, nothing less.