Yes it's The Seven Samurai.
Stumpy,
I agree that I like the cowboy version best too, yet I was amazed at how closely the story line of the cowboy version follows the original. In fact, there were elements of The Seven Samurai that reminded me more of a Western than what I'd expect a film about the East to be.
This could be attributed to the director being inspired by the westerns of John Ford that frequently starred John Wayne.
Regarding "The Magnificent 7" I have always been dubious of Brad Dexters contribution as Harry Luck, he is there for the wrong reasons and doesn't do anything magnificent throughout the movie.