Zjeraar: I guess not, but just to verify...
Is it included?
It sure is. You can select whether you want the updated graphics and redrawn backgrounds, or you can use the original graphics if you prefer. You can even mix and match if you want... updated characters with old backgrounds, or the original low-res characters with the redrawn backgrounds.
What I'm NOT sure about is the checkpointing... the new version updated the checkpointing so it occurs more frequently, but sometimes this means the game will forget something that you did (there's a certain sequence in the middle of the game that is probably the least linear section, this is where the problems can occur). I don't know if you can opt for the original checkpointing instead, anyone else know?
Also the original may have had problems with "remembering" what you'd done as well, I don't remember. If you've played the game before, then it will be obvious when these checkpointing issues happen, and even if you haven't you can probably figure it out. If you are able to go back and check whether you've completed a certain section yet, it doesn't hurt to do so after a respawn.
I also noticed one section where the connectivity of rooms was wrong. It's not a gamebreaker and doesn't even really affect anything but it was weird. After the first time moving through that area the connectivity worked properly.