I've found it to be much less of a disappointment in my recent viewing.
But, is that because you once disliked it much more than you should have?
It's come with a change in perspective brought on by time and life in general. Escapism isn't so bad, and Fleming realized it as well as anyone else. Before, I didn't understand why fantastical characters and settings should ever have a proper place in the Bond films. That was the thinking of an obvious youth that took this series
way too seriously. I believe C.S. Lewis said it best: "When I became a man I put away childish things, including the fear of childishness and the desire to be very grown up."
What matters, rather, is that the escapism is
executed well. And it dern well is.
As far as the suspense goes, there was certainly room for improvement. No argument there. And not only in the cat and mouse game, but in plot development. I think the revelation that Andrea sent the bullet comes rather clumsily and a little too straightforwardly. I might have preferred that Bond deduce that fact himself, giving us the twist as he asks something along the lines of, "It was
you that sent the bullet, wasn't it?" or something similar (but written with actual skill). Pretty tedious nitpick, though. The cat and mouse suspense doesn't really exist the way you want it to simply because Scaramanga isn't really hunting Bond. Not until Bond shows up on the island. There could have been ways, I'm sure, to have the false scares be a little more poignant, but it would take more than a remake to fix that suspense issue. It'd take a lot of different fundamental story details.
They could certainly make an
actual cat and mouse movie where Bond is being targeted, and that could be interesting. I think it was more creative to humiliate
and assassinate Bond in FRWL, but it would be interesting to see how a story played out where Bond
knew the Grant/Scaramanga-like figure was after him.