*agrees with Ren Wholeheartedly*
Ring / Ringu is (IMO) a much better film, and storyline wise it makes more sense. Mainly because the entire story revolves around the Japanese cultural themes of Honour/ dishonour/ saving face etc... Which is something that doesn't really translate into the Hollywood remake.
I would recommend you to watch the original, 'Ring' (Ringu), first, because there are big twists which will only get spoiled.
This is actually one of my favourites, the whole feel of the film is brilliant. Hideo Nakata's directing is superb, he really knows how to smother you in suspense, he creates a really suffocating atmosphere, which slowly builds up and doesn't let go.
Watch it late at night with all the lights out on your own.
Thats how I came across it, I was up late one night lazing in bed, flicked over to channel 4 and just came across it, and it had me hooked. I own it on DVD now, heh
What I liked best about it, was that it wasn't some huge special effects big budget extravaganza, just a really clever twist on urban legend and Japanese mythology , cleverly directed. A small film with a great plot.
Suffice to say I groaned when I heard they were going to remake it at the time.
Although initially you'll find hearing everyone speaking Japanese is a little strange for your ears to get used to, they do quickly, and you'll soon get absorbed into it and forget about it.
Though, I would say once again, see the original first, for the remake will just kinda spoil it, and it won't have the same impact.
http://www.tartanvideo.com/shwin.asp?spid=230