It's close, but needs a lot of tweakage.
The difficulty on the ground, and the 'terror' factor isn't there, but the 'overworld' mechanics are quite solid (the interceptor game is quite nice actually).
A lot of the ground problems are due to the alpha state, and the fact that there are only 2 real maps, and things aren't randomly generated yet, so your doing the same mission a hundred times, but that's what you get for testing an alpha.
They made the decision early on to set the game in the 1970's, making f-16s and old MiGs the 'top of the line' tech. It also makes your guys in their armor look dopey (as most stuff in the '70's was). It's an artistic choice, and as much as I try to cope and deal with it, I still don't like it.
Still, a lot of the combat mechanics are a lot less clunky than the original game, while still holding true to TimeUnits and such. That by itself inspires me to fire it up and play.