The term "remake" is generally used in reference to a movie which uses an earlier movie as the main source material, rather than in reference to a second, later movie based on the same source. For example, 2001's Ocean's Eleven is a remake of the 1960 film, while 1989's Batman is a re-interpretation of the comic book source material which also inspired 1966's Batman. The same can be said for Ian Fleming's novel Casino Royale, which has been adapted three times; as a 1954 television episode, a 1967 spoof, and a 2006 adaptation. These are considered separate adaptations, not remakes, though they use similar characters and a similar plot.
With the exception of remakes such as 1998's Psycho, which is a shot-for-shot recreation of the 1960 film, remakes generally make significant character, plot, and theme changes. For example, the 1968 film The Thomas Crown Affair is centered on a bank robbery, while its 1999 remake involves the theft of a valuable piece of artwork. Similarly, when the 1969 film The Italian Job was remade in 2003, few aspects were carried over. Another notable example is the 1932 film Scarface which was remade in 1983 starring Al Pacino; whereas the 1932 is centered into bootleg alcohol, the 1983 version is based around cocaine.
Not all remakes use the same title as the previously released version; 1983's Never Say Never Again, for instance, is a remake of the 1965 film Thunderball.
In the recent history of cinema, remakes have generally been considered inferior to earlier versions by film critics and cinema-goers alike, but there have been memorable exceptions to the generalization.
The movie remaking phenomena is common in Hollywood especially in last several years. You can read more about it at Movie Remakes with comparision of the remakes to the originals.
A notorius remake-redux of a George Romero classic was released in 2005. It's called "Night of the Living Dead Survivor's Cut." Although critically acclaimed, this version is a source of controversy. See details on Movie Blue Book's database of indie movies.
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