This or no DEAL!!!!
I had read most of Howard's stories before the Schwarzenegger pic even came out, and even as a kid I didn't think he fit the bill as Conan. Howard's description of Conan as agile, lithe and panther-like did not jive with Arnold's steroid-pumped physique that made it awkward for him to even swing a sword.
Arnold's Conan reminds me more of The Crusher from the classic Bugs Bunny cartoon.
Momoa looks like the Conan I've always seen in my mind's eye while reading the books. He looks like he stepped straight out of the early Marvel comics drawn by Barry Windsor-Smith as well as Cary Nord's more recent rendition in the Dark Horse series.
Having said that, I thoroughly enjoyed the Milius film and still get a kick out of it for what it is, and it isn't a very faithful adaptation of Howard's Conan but rather Milius' own re-imagining of the character.
my point of view also. I too had read REH stories as well as the comics well before the original Conan movie came out. I enjoyed it for what it was, but Arnold just didn't represent a true Conan image. He has that physical presence and charisma, but lacked that certain ferocity and quickness that Conan should possess. Not to mention, he didn't look like the Conan I had read about. Beefy enough sure, but Momoa seems to have the whole package. He's like Frazetta's Conan the Adventurer painting come to life...low brow, scarred face and body, dark hair, adequatly muscled. 
