This is a belated sequel to the 1980's classic `American Werewolf in London' and indeed it tries very hard to be just like it - the corpse black humour, the dreams within dreams sequences etc. However the story is different as it introduces a wider werewolf conspiracy idea to the plot. It actually works quite well - it's not better than many other creature features but it works OK.
The main problem with it is that it is very much another teen horror movie - with a stupid rock soundtrack, valley girl style humour and dumb spectacle. It lacks the original's black humour and it isn't anywhere near as tense as `London'. The special effects are totally CGI and they don't work as well as `London's' - it all looks too computerised, and seeing everything takes the scare factor out of it.
In fairness when you look at it as a stand-alone film it's not so bad even though it doesn't stand out from other teenage horror movies. But a sequel to `London'? - sorry but it's not a great addition to that piece of work. Tom Everett Scott looks like he's stepped out of American Pie into a horror movie! He's OK but he doesn't compare with Dunne all those years ago. Julie Delphy is actually quite good - she doesn't have much of a character but she carries herself well. The other characters are either rough French skinheads or American teens.
Overall it's entertaining enough - but it pales terribly when compared to the original.