Granted, there are aspects of this 2010 remake that people can complain about: there's no actual karate in the film, the moves performed by the children are unrealistic, or that the whole thing is a vanity project for Will Smith's kid.
But there are some beautiful scenes in the movie that highlight the gorgeous scenery around Beijing, and interesting tidbits about Chinese culture. For me though, the real value of the film is in highlighting the disconnected existence of western expats* living in China, especially expat kids. In cliched ways, it is a great lesson for children in overcoming a fear of the unfamiliar and pushing yourself to do things you thought you couldn't.
Verdict: Rent it
* For other interesting info about expats in China, visit Expat Arrivals' China Guide.