As far as Western adaptations of manga goes, it's probably the best one ever. Which is, admittedly, damning it with faint praise considering how bad most of them are. Still, it did a nice job of capturing the basic "feel" of Gunnm, even if it wasn't a literal page-for-page adaptation of the first few volumes. The look of Alita is jarring at first, but I found I got used to it pretty quickly as I watched the movie. It makes it easier once you recognize she's not supposed to look entirely human.
I do hope they get a sequel green-lit, but it probably won't because of the Disney buyout of Fox.