More than sufficient. The total wattage of the original even seems a bit like overkill, so 480W v 380W is fine.
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Your new PSU is metter in all ways except from the 5V rail being slightly less powerful. But off the top of my head I can't recall anything else than floppy drives that use 5V, so unless you plan on running a bunch of floppy drives in parallel, you should be good.
With PSUs, the main thing to look for is the total wattage, and your new one is better there as well. When it comes there Watts, equal or greater than the consumption is what you're going for.
EDIT: I misread the label. The 5V rail is more powerful in the new PSU.
Yeah, that'll work. It's rated at 480 vs. the original 380W, so power delivery should not be an issue.
Thanks!