The makeup is quite fantastic. The werewolf look is straight out of the 1941 original film. While the transformation is CG, the final look consists of practical makeup applications. It's a wonderful look. It is menacing and has that tangible feel to it that the werewolves of most modern films, like the Underworld series, just cannot match. On top of the great look, The Wolfman has its share of blood and guts, and this is done primarily practically as well. The film is violent and there is plenty of blood thrown around.
What it comes down to is a film whose story has sadly been cut up, but is bolstered but the look and execution. The cast does a fine job despite the apparent, and possibly by design, stiff performances. Benicio Del Toro carries a lot of pain in his eyes while Emily Blunt is a bearer of sadness and Anthony Hopkins is, well, Anthony Hopkins. We cannot forget Hugo Weaving — he has some great scenes, and very few people can deliver a line like he can.
The film sports some beautiful cinematography, dark, gloomy, and pitch perfect for this period horror. Further helping the atmosphere is Danny Elfman's score. It evokes memories of past horror films while standing on its own two feet. It has a big feel and makes great use of repeating themes. I am glad they decided to go back to it.
Bottom line. This is a movie that is very much worth the time. If you enjoy Hammer films and classic Universal monsters you will likely enjoy this. While the elements are all good, the story falters, bringing it down somewhat. Let me close by saying the ending is terrible. Shame.