This is, apparently, a great masterpice, and "unanimously hailed" as such according to one reviewer. Nonsense. While it does have its good points and has been undeniably influential, it's not actually a very good film by modern standards. It's not helped by being too long to support its story, and by too many cuts between pointless short shots when nothing is happening. I really wanted to like this, but I couldn't.
The story, modulo a few details and one extra sub-plot in this remake, is pretty much identical to that of Seven Samurai, even down to some of the dialogue being almost the same. Unlike the original, however, The Magnificent Seven is a film that everyone should watch, and which you will enjoy. It is much shorter, with many of the pointless slow bits left out, is better lit and shot, and is by far the better film. Highly recommended.
