I should probably say first that I'm frequently interested in variations on original material. I can't tell you how many versions of Romeo and Juliet I've watched or read.
I really liked Tinman. It's only in very broad strokes like the original movie or book, but ideas, images, and words from the original were there throughout. I thought the story and effects were good. The violence was necessary. The one part that bothered me was that in this version, the problems the tinman, scarecrow, and lion had were given to them by the sorceress rather than just part of their makeup. I see more of this in real life these day -- blaming something that "just happened" on something/someone else.
I don't think I need to watch it again, but I enjoyed this viewing.