Yes, it is bad.

Rating: Null/10 (2 September 2004)

Yes it's very bad, yes it's almost very good too, but not quite.
David Wenham did an adequate job of playing the sort of character that Paul Bettany plays a lot, his ears were a bit disturbing though. Hugh Jackman was suitably lickable and did get the majority of his kit off towards the end, thank god. The bird was grating and annoying, shock horror. The vampires were pretty neat. The effects were mostly very good in a computer animated coolness kind of way but occasionally stupid looking (usually where they were trying to do something fairly basic like making a character look as if they were jumping from horse to horse). The script was... um.... I don't think the script was really the point. They also did their very best to jam every other movie genre that ever existed into this one movie and the Wolverine references were... a bit silly.
I particularly liked the very beginning up until we got to Transylvania and Hugh Jackman getting his kit off.