I have not seen the original picture, so I can't compare the two. All I can do is talk about what I saw in this one.
Utterly, entirely predictable. From beginning to end, basically.
But still good. The animation is outstanding, exceeding Monster's University even. This picture is beautiful.
It is loaded with sight gags. From the minions to the fart gun, to Ramsbottom being unable to get through a doorway to El Macho dancing, to El Macho's chicken.
Voice cast is fantastic. Carrell, Wiig and Bratt all hit home runs going just barely overboard but not so far as to be the least bit distracting. Bratt especially stands out for me.
My favorite part: like Monster's University, this picture doesn't play dumb for kids' benefit. No. It explores mostly adult themes (parenting, middle-aged dating, teenage dating, etc) and does it in a way that still appeals to children.
I would call this just a bit better than Monster's University, though I'm giving them the same grade.