Jenni and I went to see this one yesterday. It was actually pretty damned good. They combined ellements of the first three movies together and rewrote it all and made it work. It's not a cheesy sequel at all. It's just a reimagining of elements of the first three.
Of course it also stays true to the typical slasher film. Lots of nudity and sex and drinking and drug use and the inevitable deaths that result from having a good time.

The kills were pretty damned good and detailed. And Jason was very scary. Just a big hulking massive guy that runs very very fast. He's not slow at all and doesn't walk after you and manage to keep up with you while you run as fast as you can. No. He hauls ass after you. And he's smart in this one too. He's got underground tunnels and electrical generators and trip wires to alert him to your location.
Overall this was a pretty damned good slasher film. I'd reccomend it if you're a fan.