Lots of gunfire and gadgetry in use (old weapons don't cut it anymore, don't you know) as Selene wanders through an old sewer system chasing baddies. At one point we see (and Selene hears) a bunch of guys watching two werewolves battling it out. Turns out that it's kind of a werewolf "Fight Club", which does not impress their leader once he arrives on scene.
Selene returns to the vampire mansion, which once inside reminded me of a scene from Eyes Wide Shut with people sitting and lying around decadently. She suspects that the werewolves (who are referred to throughout the film as "Lycans", which I suppose sounds more hip) were after a human: a med student named Michael Corvin (played by Scott Speedman) for reasons unknown. The current leader of the vampires (make that leader of the "Coven"... more hipness), doesn't believe a word of what she says. Members of the coven think she's infatuated with Michael, but of course it turns out that he is a key factor in the long-running war.
Underworld starts out as an MTV/Technopunk kind of movie but does at some point rise (slightly) above that. It's certainly no Blade, but except for some boring stretches it did manage to entertain. Unfortunately this was in production when The Matrix was the big thing, and it draws from that film heavily as far as visuals: Form-fitting black leather and long coats are everywhere, lots of wirework in the stunts, and even one scene reminiscent of Neo waking up in his gooey pod in the Matrix.
Towards the end the action turns pretty non-stop, with the exception of the film intermittently cutting to Michael strapped to a table trying to get free. It was very odd and out of place as they cut to that multiple times. Kind of reminded me of the scene from Monty Python and the Holy Grail where during the "Knights of the Round Table" sequence they cut to the old guy hanging in the dungeon and clapping his hands.