ah yes... yet another vampire/werewolf movie. Most of those are of poor quality, ridiculous and copy off each other with great candor. This one is different in one respect... it didn't copy off other vampire movies, it copied off The Matrix. And a lot.
The director seems to be an avid admirer of the The Matrix and seemed to have included a lot of its design motifs into this movie. Including a lot of actor body language, weapon usage, wardrobe, setting and even the general color scheme. It's basically The Matrix with vampires instead of machines... with one problem, it's not even a fraction as good.
The story itself is well documented so repeating it won't help much, but what will help is to prepare you to a somewhat low budget production (or seemingly so) with poor acting (yes, even by wonderful Kate) and uncomfortable clichés. The story has potential (vampires vs. werewolves) but it's hard to shake off the feeling you're watching an episode of some low-budget vampire series. The dialogs are mostly predictable and shallow, and it seems the focus of this movie is on a disappointing 'cool factor' rather than absorbing the viewer into the story.
I'd recommend this movie to hardcore (and young) vampire/werewolves fans, but they'll watch it anyway... if you're not automatically taken by that theme, stay away. The biggest contribution this movie has given me was a craving to watch The Matrix again.