I've seen plenty of werewolf movies (Lon Chaney's is still my favorite). This is not among the best. It's Wes Craven using a cast of very capable actors to do werewolves in Hollywood. Could have been better, but really not that bad. It had a lighter feel to it than the usual cursed and tortured wolfpeople genre, and some moments of true humor. The Unrated version gives better gore.
As a horror film, this movie fails completely as it's completely not scaszry. However, if taken as a borderline spoof (a la Scream), it has some funny and enjoyable moments, though, those moments are somewhat few and far between.