Barely. The opening scenes are set in Italy (Venice I think) but the rest of the film is set in Los Angeles. Apart from that the only similarity to the original is that it's a caper film and they try to recreate the chase sequence, but they don't even use 'real' minis. Say what you like but it's NOT a mini - it's a BMW. I hear Ed Norton has disowned it.
Ed Norton was 'made' to do it as part of a 3 picture deal with the studio... As far as being even remotely similar to the original, it's not! It's an absolute travesty! I may however be slightly biased as I am a big fan of the film and a very keen (real) mini enthusiast.
Despite the obvious quality of the actors in it (Donald Sutherland's apparently in it and Mark Wahlberg's made some decent films, plus Norton of course) if you liked the original you're liable to hate the re-make with a passion...