That's what I had heard about it, and that's why I haven't had any real desire to sit through it. I love the original, but to watch it all CGI'd up...meh.
I think this is why the movie didn't do more than break even at the box office. Well, that and it cost a small nation's GDP to make. But it's a story that's 70 years old. People know it. Sure, people love it, but in the end, to most folks, it's about a big monkey that falls for a girl, and falls HARD. The end. At 3+ hours running time, and costing close to $10 a person, it should do much better on DVD than in the theater.
Remember that one of the things that made the 1933 movie such a success were the SFX. No one had ever seen that kind of thing before. It's like Star Wars...a movie, like Kong, the only one of it's kind in existance at that time. Watching the original Star Wars (not the special editions) we can still marvel at the SFX..."they did THAT 30 years ago, with no computers?"...and it's hard to separate the wonder of the whole experience from the mostly mediocre movie that they encompass.