DBZ Kai in a word: Noice!
I think Kai was a good idea. The animation is better, it's closer to the manga, and the story and fight scenes run at a better pace.
I love the original DBZ, but in order for it to appeal to kids today, I think they had to make Kai. It doesn't rob from DBZ in any unfortunate way. There are a few things I miss (like the driving episode between Piccolo and Goku) but those are only trifles.
I hope they continue to make more for seasons 7-9, since those are my favorite, I would like to see them reconstructed with cleaner animation and a little less lag in the fighting sequences and the story. Plus the kids who only have access to Kai aren't getting the full story!
All in all I don't got nuthin' against Kai.