I don't know that they'd necessarily laugh at it...but I suspect that they gut it of everything that makes it great, simply because they'd try to make it politically correct. Oh, you can't have these colonials brutes treating indigenious people that way. We have to balance everything. Make it all even-handed. Everything would lose it's edge and it would all be processed...like processed...bland and tasteless.
But actually one of the great things about this movie is that the racism of colonialism is addressed without hitting you over the head with it. You see in the reflective, contemplative glances at the end while the poem is being read...their questions, their shame, their pride in the efforts of their companion. You also get an eloquent defense and viewpoint from the other side in Edouardo Cianelli's speeches.
Have you seen any of the new FOUR FEATHERS? I caught some on cable and what little I saw was disappointing. Instead of keeping it about the story of one man trying to prove to his friends he is not a coward by performing unusual acts of heroism and giving them their white feather back, they tried to tackle the bigger issues of colonial conquest and,while what I saw was not terrible, I felt it was off-point and paled from the '39 film.
They even gave the hero a sort of native mentor/deus ex machina who often bails his ass out of trouble...which, of course, dilutes the whole crux of the matter. He has gone off alone to fight his own battles in his own way and prove, not just to his friends, but also to himself he is not a coward...not question the motives and value (or not) of Imperilism.
We always have to throw in shallow, simplistic, politically correct lessons instead of just accepting this historical perspective of the day and understanding those were the values and times we live in.
I remember one guy who had trouble with Russell Crowe as a hero in GLADIATOR because the film started out with him making war against the Germans.
It was the time and the name of the game was conquest, people! Get over it!