It's good. In many ways it's better than we had any right to expect - particularly the cast - but the somewhat fumbly plot marred my full enjoyment of the film, towards the end.
The cast is the main reason to want to see the movie. You've got Anthony Hopkins (who feels pretty wasted on the material he chews through here), Emily Blunt (who doesn't get enough work), Benicio Del Toro (who is awesome) and Hugo Weaving (who is, also, awesome). They're all excellent (see: awesome), and for the first two-thirds of the movie they all exist in a foggy moral gray area where each character feels reasonably three-dimensional.
It's during that first two-thirds where The Wolfman is perhaps even a great movie. A return to the shocking, unsettling, atmospheric horror stories of yore that actually concerned themselves with telling stories. Lovely stuff! Combined with restrained use of special effects and a level of blood splatter most mainstream movies no longer attempt, for most of this show I was comfortably anticipating a Blu-ray purchase, somewhere down the line.
Unfortunately, the heavily-telegraphed plot twist of the third act kind of derails the whole thing, and it stops being this wonderful character-driven movie that just happens to exist within the monster movie genre, instead becoming just another monster movie, complete with the predictable final confrontation, predictable final release and requisite predictable groundwork laid for a sequel. Worse yet, the three central characters seem to shed any degree of depth they possessed prior, and become two-dimensional archetypes as the film tumbles towards its conclusion.
Still, I feel I'm not prepared to fully condemn it quite yet. It will require a second visit.
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Speaking of second visits, I'm shocked - shocked - at how quickly I've been able to blitz through the story of Red Dead Redemption. I'm nearly back to where I was when I lost my save.