I caught it on cable, and recorded it. My wife and I watched it later and MST3k'd it, and by those standards, it was a hoot.
That said, if I'd paid money to go see it, and had been in a theater where I couldn't riff on the stupid lines, stupid action, stupid logic, or general stupid choice in the movie, I'd have been sorely disappointed.
Aside from the sidekick guy, who appears to be giving the fake-crippled guy from "There's Something About Mary" and the annoying sidekick guy in Jackie Chan's "The Medallion" a run for his money as "Most annoying British sidekick EVAR", I found most of the badness to be enjoyably silly badness -- like Kate Beckinsale face-planting into a concrete pillar, flying through the air to face-plant into a wall, crashing into all kinds of scenery, and coming up just fine, but when Wolf-Helsing knocks her into a cushioned couch, she dies. It was quite possibly the first time I'd ever seen hit points so blatantly used in a movie. "No, no, that concrete pillar face-plant only took her to 19 hit points. She's fine."
The wives were awesome, if only because I have a goofy nostalgia for old Meatloaf videos, and my wife kept singing "And I would do any-thing for looooove... but I won't do that... hey-yeaaaaaaah...." every time they appeared. And my wife has a voice that can carry this off.
The convoluted logic of "Werewolves can kill Dracula, therefore he must keep a cure for lycanthropy on hand at all times" was awesome. Uh, honestly, if I was the Drac, and I knew that werewolves could kill me, I wouldn't have a cure for lycanthropy lying around. I'd have, y'know... silver.
Honestly, I saw this as a movie with a lot of potential, a movie that was obviously made with a lot of love. But love isn't a substitute for ability, and it was made so sloppily, so stupidly, and just so generally badly that it pretty much qualified as a colossal failure in my view. But a colossal failure made with love can still be fun to watch... provided you're allowed to make fun of it.