Predators was actually a pretty good film that really doesn't get the love that it deserves and The Predator is certainly as entertaining as that film. It's not as clever or as complex, but it makes up for that by throwing all caution to the wind and being as silly as possible.
It's streets ahead of the weirdly glum Predator 2 and neither of the awful AVP movies can compete with it, mostly because it's having so much fun with itself. If you're a fan of the franchise, there's a lot in here for you, but that might limit the appeal a little for more mainstream fans.
It's not the best Shane Black film by any means, but it should help tickle the fancies of established fans of the brand, which is pretty much what Black is aiming for.