Well, I did have the original set back when I was around 5 or 6 and all that remains is the Yellow Castle Wall

. Can't remember much about it but I do plan to buy one of these ASAP.
Anyways, a review based on whatever I can pull from my childhood experience with it.
The Yellow Castle Wall piece definitely adds an interesting eye candy for almost anything you can build whatever the theme. I have been using that piece in most of my 200-themes-in-one-MOC structures. The hinge concept was introduced to me with the BFF set as well as many basic but necessary castle building techniques.
That's all I remember, now I'll try a review based on first looks of the re-issue:
OMG! I had this back then, see the yellow piece!!! (Referring to the BFF entry in the LSH catalog). Yes, the Yellow-Tudor-Castle-Wall-thing is one of my favorite pieces, which may explain why it has stood against the test of time; I don't think I can find another piece that is as old as my precious yellow wall, which, unfortunately, my brother claims as an absurd piece to have among the monotonous castle pieces.
6 Minifigures!!! I don't recall Lego including that many minifigures in a 40 dollar set lately. I absolutely love the black falcon insignia but too bad there isn’t enough of it. Two extra shields would be nice as well as some spare swords for the archers to defend themselves when they run out of ammo or the enemy is closing in fast.
A plethora of grey pieces, with the amount of castle walls and grey bricks especially a the 1x2 bricks that allow seamless connection of castle walls, I'd like to think that this is the true Castle Expander Pack unlike #3732 that consists only of arches and pointy slopes. Thing about it, when expanding your MOC castle, which comes in handy, a surplus of arches or some neat castle walls and bricks not to mention a 6 men army to boot. Sure it's nearly ten times the price of #3732 but you're getting castle pieces that are better than arches and blue slopes from King Leo's Disneyland castle.
I'm not saying that the design itself is bad when I was suggesting this as a castle expansion. I suggested the BFF as an expansion kit because I know there are a lot of young Lego fans out there who might not be fond of the Legend because of the simplistic pieces employed in the set (my little brother for example). To me, the design looks flawless. Hinged parts allow the castle to open up and give better access to all areas. A walk around the perimeter and the castle looks good on all sides unlike certain castles that have their rear sides unprotected. I have to mention the uber Yellow-Tudor-Castle-Wall one more time as one of the coolest pieces ever made; and only two sets have it, the BFF and the Black Knight's Castle. This is an absolutely stunning piece that you must have in your collection, even if you dislike the castle theme.
Could it use a baseplate? I wouldn't mind the use of a couple of 8x16s which will add more value to the BFF as a Castle-Expanding pack as well as add more studs to stick the minifigures around. A winch? That'd be nice but I'm sure many fans would disapprove of it so maybe as an extra/optional piece so you can crank the drawbridge up and down (I know I'm going to install a winch when I get my BFF).
Like what Jojo said, it's definitely worth every (insert currency here) you spend, as long as you're paying MSRP

I like Cup Ramen! What I like even more is the Ramen from the Ichiraku that Iruka Sensei bought me. What I dislike is waiting the three minutes for the Cup Ramen to cook. My hobby is eating lots of Cup Ramen!
- Uzumaki Naruto (Naruto ep. 4)