Saw The Wolfman this afternoon and I have to say I really liked it, but I didn't love it.
I can understand some of the comments made about the performances (though I'd say they're far from mediocre). Benicio Del Toro's Lawrence Talbot, for example, is a bit too understated at times, and doesn't quite generate the sympathy Lon Chaney Jr. achieved for the character in the '41 version. Aside from that, I felt the performances were believable and thankfully, as has been stated, there are no "comic relief" characters. Nice to see David Schofield, but don't blink or you'll miss him (my way of saying his part isn't much more than an extended cameo). And, for the particularly alert, Rick Baker has a very brief cameo appearance as well.
Rick Baker's makeup effects IMO are realistic (given the premise, that is) and believable, and I liked the character design for the fully transformed wolfman. The CGI effects, though quite good, aren't flawless; scenes of the werewolf running through the streets and rooftops of London, for example, are of the "close, but not quite" variety. Still, I didn't find them bad enough to be distracting.
A tweak or two aside, the story plays like an expanded version of the '41 film; the Talbot family history and relationships between the characters are simply fleshed out a bit more (no pun intended) than in the original...until the "twist", that is, after which the film is pretty predictable even with this added element. Actually, I could see the "twist" coming from the beginning of the film, and it's the main reason I didn't "love" the film. I could have done without it; your mileage may vary.
That said, I would recommend this film to anyone who is a fan of the Universal and Hammer classic horror films, or anyone else who expresses an interest. It's not perfect, but IMO it's better than most of the other remakes we've seen in recent years and far better than most of the other werewolf films mentioned previously in this thread.