This feels like it was written as a comedic spoof of the genre but then re-edited at the last minute to be a serious horror film. I find it impossible to believe they didn't know what they were doing. They even made the were"wolf" look like a giant teddy bear. I thought this came out in the late 90's, but 2005??? Wow.
Wes Craven's attempt here was a little bit offbeat, with a supernatural creature entering the human concept that doesn't even show itself in the protagonists until close to the end. It's PG-13 and for good reason, showing next to nothing gore-wise (except the aftermath of a decapitated Joshua Jackson head), and I feel like the film just tries too hard to handle material in a serious way when it just isn't at all.
Craven is dead, but this film is unforgivably bad. Williamson and Craven were trying to apply old rules to a new game. This type of po-mo reflexive horror was extremely dated in 2005 when it finally arrived, and time has not been kind to it. There is not a damn thing they did with this genre that wasn't done a whole lot better by John Landis back in the early 80's.