I actually played it last night. Now I am a fan of the first game, so I was moderately excited to see how this turned out.
First off, the game's speed and pace is slowed down from the original. Some of you talked about the connection to Giana Sisters (same engine) but it feels faster and controls are a bit more tight. The float mechanic is back from the original, but is used more cleverly to reach hidden locations and help with larger jumps rather than just... Well lead to nothing like in the original game.
The music is both new and refreshing, as well as some remixes from the first game. I know the composer and its a bigger name but I'll let them announce it.
The level design is straight forward with lots of secrets to fill up on yarn. Along the levels are also keys that can be used to open a rewards room at the end of the stage. The more yarn you get, the better rank. The enemy placement and difficulty is pretty balanced, and a lot of the time you gotta bounce off them to reach extras which can make for some challenge and light puzzle solving.
The quips and 'tude is dialed back. Bubsy is a bit chatty, but some of the lines are pretty clever and not cringe at all. Can also just lower the speech volume.
All in all, a good platformer with decent challenge and nice level design. Music is really damn good though.