Vaguely (loose term here, given how vivid the film is) remember watching the 1978 movie when my mom brought it home on VHS thinking it was a cutesy little rabbit cartoon and being rightly traumatized by it at the tender age of 6-ish, so I've been putting off watching this adaptation for at least a good week. That said, I finally got around to watching it today and I have to say that it's actually pretty solid. The story itself was overall pretty grounded (aided by the 'realistic' animation) and less like a fever dream like the cartoon, although there are a few sequences that manage to channel some level of surrealism. The voice acting is great and the character designs I generally liked, especially in how they managed to differentiate the rabbits enough to generally be able to fairly easily determine who is who. The non-rabbit creatures (humans included) suffered the most from lack of design/animation quality, especially the dog (which is unfortunate due to its role in the story), and most of the fight scenes didn't quite register because of the janky movements.
Overall, definitely more a case of substance over style for this one. I don't remember enough about the actual story from the movie nor know about the novel that originated this story in the first place to make any real comparisons, so people with more experience there can probably speak to whether this is a good retelling on par with those, but I liked it.