The film also tipped it's hand too early. I would have been far more intrigued had the question of Schreck's nature been kept secret until far later in the film. Instead, we are certain he is a vampire almost from the moment he first appears. All that is left to reveal is why a vampire would choose to appear in a vampire film. The answer is a little unsatisfying as there seems to be little motivation for it.
Some scenes work extremely well.
In particular, I think a scene where Shreck discusses what it is like to be a vampire is particularly good. There is nothing romantic about the life he describes. In fact, any scene with Defoe is good. He slowly becomes something of a prima donna as he recognizes his importance to the completion of the film. But he never stops being a monster and never forgets that he is a monster.