It's an unpopular and even downright blasphemous idea to remake a great Alfred Hitchcock classic. It is now, and it definitely was in the late 70s, when the Master of Suspense himself was still alive. "The Lady Vanishes" flopped at the box office, received harshly negative reviews, was the symbolical last effort of Hammer Studios, and still isn't very appreciated nowadays based on the other user-comments around here.
And yet, I personally feel that "The Lady Vanishes" deserves a bit more recognition and praise, and this for the plain and simple fact that I found it very amusing. The plot is still compelling four decades later, the cast is tremendous, Cybill Shepard never looked more gorgeous than here in her white dress, and random conversations about cricket were never as funny.
Reverting to comparisons between this version and Hitchcock's classic is inevitable, though. The 1979 update is undeniably weaker for two reasons. First, because here there never is any doubt whether there was a Miss Froy who suddenly vanishes from the train departing from Bavaria. Shepard's character Kelly is very certain of herself and doesn't allow anyone to convince her otherwise, and it also doesn't help that we follow Miss Froy (Angela Lansbury) throughout the entire "Sound of Music" reminiscent opening credit sequences as she walks down a mountain and checks into a hotel. Secondly, there's the hindsight effect. What I mean by this is that Hitchcock's original was made and released in 1938; - slightly more than a year before the outbreak of WWII. Hitch made fabulous use of the contemporary political tensions and social unrest, and it greatly benefitted the atmosphere of his film. Anthony Page, like every other director since 1945, is forced to approach the plot with hindsight and that simply cannot be as intense.
Never mind the negativity, though, and enjoy "The Lady Vanishes" with all its misplaced comedy and unspectacular action. Cybill's best line: "despite your ridiculous haircut, I'm falling for you". Because, let's face it, Elliot Gould's hair is quite silly.