It actually resolved a minor plot hole in that the fossilized dog from the original episode was standing up, which wouldn't make sense if it died of old age like the ending implied. But it arguably undercuts the original in that he doesn't die waiting to see Fry again after all.
Here I am talking like I'm some kind of expert in this show when I've only seen a couple of seasons. I remember seeing the first movie and finding it extremely hard to sit through.
I did catch one of the revival episodes which was actually really good, where they get a time machine that can only go forwards in time. But then I watched the one immediately after and it was some kind of horrible Susan Boyle parody and I never watched it again.