There are some character name changes, but the plot is roughly based on that of the original film.
Plot changes include:
The Doc character is Doc Boone MD in the original, but he is Doc Holliday, a dentist in the remake.
In the original, Peacock, the whiskey salesman, travels all the way to Lordsburg, but here he leaves the coach at the first stop.
Hatfield, the gambler, survives, whereas he is killed in the original.
Gatewood the banker, meanwhile survives in the original but is killed here.
Ringo deals with Luke Plummer alone in the original, but in the remake he is assisted by the Marshal, Hatfield and Doc.
Ringo is still technically a jail-breaking criminal when the Marshal allows him to escape in the original, but his innocence has been proved when Luke Plummer asks the Marshal "How'd they find out he didn't do it?" in the remake.