It's goofy cheesy Boys Own Adventure stuff updated for the 21st Century. Anyone who's read and enjoyed Burroughs, Doyle or Haggard can come at this movie with that sense of fun.
As for being respectful goes, I think this is the only movie where the Director didn't embellish the Aliens with additional life cycle features. It's just the core egg, facehugger, chestburster and adult Alien stages. There's a Queen (added by Cameron) and we see the birth of the Predalien (Non-human hybridisation added by Fincher) at the end. Anderson only included life cycle features that were extant at the time - he didn't add to it himself.
There's no eggmorphing (re-introduced by Scott in 2003), no birth barfing (came later, anyway) nothing was altered, added or changed by Paul Anderson.
He's the only Director to have done so. So respectful to source material? Yeah. I get that.
The Human characters weren't great or memorable and the Aliens were a little too reminiscent of the ALIEN: Resurrection design but they were good enough when onscreen. Grid becoming identifiable was a fun decision to help distinguish him from the pack. You know, this is the Alien that killed 2 Predators! He's the one to watch out for.
It's a fun, solid average movie. It's not great by any means but it's certainly more watchable than AvP-R. Would love to see a re-edited version of that movie with better lighting.
As for another one? I'd love to see a third movie, to cap it off as a trilogy. Personally, I'd set it on Earth again to keep it thematically consistent with the previous 2 movies and start with the Queen crawling out of the ocean and into a large outflow pipe just outside a metropolitan area and nesting the sewers. Then cut to a scene of police officers discussing the increase in homeless people disappearing from the streets; and then build the story on that premise.
Hell, it would be cheap. Yeah, it would be cheesy. Sure it would simply amount to being a remake of 'THEM'. But as a capstone on a commonly themed Earthbound trilogy with Aliens, Predators and Humans duking it out in a decayed urban environment, it would work - and it doesn't need to connect with either of the source Properties any more than the use of the titular characters. AvP is its own Universe and for all it cares the events in either property never happen. Besides, it wouldn't be any worse than what we've seen before.