The Magnificent Seven is a great movie... it should be since they reproduced 90% of the scenes from Kurosawa's classic.
A straight remake would not have been as well received or understood back then. I don't mind when settings are changed to reach new audiences for a story. Apocalypse Now is a good example.
No question...and +1 on Apocalypse Now. Magnificent 7 is one of my favourite westerns, it just seems as though many are unaware of The Seven Samurai.