Straight off the bat: I do not like the 1941 original, which is one of Disney's weakest animated films in my opinion. So that's worth bearing in mind.
2019's 'Dumbo' surpasses the '41 film with ease, it's admittedly a low bar. There's actually a storyline to this one which is pleasing, while the live-action nature really helps suck me into believing in the - obviously ludicrous - plot. With that noted, it isn't perfect. The pacing is off, while the antagonists are a bit irritating - if suitably cast.
As for the protagonist, Colin Farrell plays his role nicely. Danny DeVito is an obvious but excellent cast for Max Medici, while Michael Keaton and Eva Green suit their roles. Amusing cameo from Michael Buffer too, by the way. As for the kid actors, not great... There is no real human appearance in the first film, so this one had to create one from scratch and I think they did a good job.
Dumbo is super cute, just as before, and his story is undoubtedly hearty; which are arguably the only things that the 40s film did right.
Overall, I liked this remake.