I went and saw it last night with some friends. Overall, I enjoyed it. There isn't a lot of actual plot, but the action doesn't stop and there's no moment were I felt like the movie was dragging or anything. There are a few Matrix slow moments, but it's not overdone and each time it occurrs, you "ooh" because they do something cool.
The vampires seemed really wussy in most of the film - they could jump of buildings and shoot really well (while wearing corsets and skin-tight vinal catsuits), but that was about it. The werewolves on the other hand were HUGE, could run as fast as a car, climb walls with their claws, etc. They also took a massive beating and kept coming.
They didn't get into the details, but the vampires in this storyline weren't "dead" in the traditional way, because they make mention that one vampire had a daughter and his daughter was pregnant with child. So, it seems some are "born" that way and others made that way. (though again, they didn't get into the details)
The sound in the theater we saw it was VERY intense and VERY dynamic. Bullets flying, shells hitting the ground, the THUD of the werewolves as they pounded across floors, etc. So loud in fact, my ears were ringing at the end.
The entire movie is blue-tinted as it all takes place at night in dark settings, but I found it didn't bother me. There wasn't too much "dizzy cam" as I call it - when a director cuts uber fast in a fight scene so you can't tell what's going on and it makes you dizzy and there wasn't any other visual annoyances like strobes or such.
The movie was pretty straight-forward. Vampires and werewolves battling each other with the one lead woman trying to find out what was so special about this human the werewolves were after. The movie is predominately her with snippits of supporting cast scattered throughout, but she does well. I enjoyed it and wasn't disappointed (though I was really concerned I might be). I would recommend anyone with an interest in a dark, gothic, vamp vs. were movie to see it. Those who don't like the genre wouldn't like the movie. (Hense why the reviews for it are pretty much love or hate. People say they love it because it's a dark vamp/were movie or they say they hate it because it's a dark vamp/were movie). So if you like the theme, then you'll enjoy the flick.