It's well done, but it's nothing to the original.
Making Pico's School look fancier ruins it a bit for me. The original was made like some sort of insane Genesis game. This remake just seems, I dunno, weird with the same style. Also, keyboard controls + Pico's School = frustratingly slow control. Pico seems to float around like he's on a cloud or something, and you can't exactly control everywhere he goes. Using the weapons was an even bigger pain in the ass, that should've stayed clickable.
To keep this a bit positive, it looks, sounds, and feels like the best thing of Newgrounds ever. This is far above any Flash program. Unfortunately, such poor game design and a mundane recreation just kills it.