Let me start by clarifying two things: 1) I'm a huge fan of horror Universal monster movies and the original Wolfman is a must see to me 2) I'm 18 so this review is not biased by age
The horror genre in particular suffers an overflow of remakes, reboots, etc today. Once in a while is okay, but there's far too many at once. This is nowhere near as bad as some (looking at you especially House on a Haunted Hill and Wicker Man) but this still didn't quite hit the mark. I wanted to see originality as long as it made sense and there were some interesting ideas here. There's also some pretty good scenes as well. The problem is that it's crippled by certain problems.
Let's start with the good things: Rick Baker was already loved for his effects and kudos for getting him back. Baker clearly has respect for make-up legend Jack Pierce and the make-up is fantastic. I'm not a fan of CGI and I'm glad the movie cut itself down a bit although it did include it in some scenes. But Baker's work clearly shows.
Hugo Weaving was great and while Anthony Hopkins had a rougher start, he still did rather well. His character is harder than Rain's portrayal but in some ways it works.
The settings were fantastic. There's a lot of 19th century buildings that look gorgeous and act as a perfect contrast to the dark and creepy woods.
Now for the bad: The build-up in many scenes was rather limited. The asylum scene was okay, but many scenes could have built the tension better.
The acting from del Toro and Blunt was rather unemotional. I found Gwen Conliffe to be more supportive in this version, but Blunt's emotions were limited. She's a beautiful woman however no doubt. del Toro looks a bit like Lon Chaney Jr. and does well in the make-up, but the Larry side is bland. He's just not able to play it as tragically as Chaney. What's more while some complained that Chaney being Claude Rains son was absurd I can sooner believe in werewolves than the idea del Toro and Hopkins are kin.
Another flaw is the limited screen time of Maleva the old gypsy a key character in the original. She's okay in this, but given little to do which really ticks me off.
A big factor is the werewolf itself. In movies like the original Wolfman and Mummy there was a silent dread. The monsters showed their great power by intimidation alone and the idea they can kill you and go wild but prefer to stalk and plan. Both remakes made them more open to their power. The original's felt scarier without it, but the remakes make it work in their own way a bit.