Yes, there still is a big bad wolf - a werewolf. It's terrorising a small village in a dark forest. There is, too, a grandmother and a beautiful maiden in a red cloak, called Valerie.
But there are also two young men who both want Red. Could either of them be the werewolf?
The terrorised villagers sacrifice an animal to the wolf at each full moon to ensure their safety. But the pact is broken when Valerie's sister is killed.
A werewolf hunter, Father Solomon (Gary Oldman), is called to the village. Oldman does a great job as a ruthless inquisitor. With shades of the Salem witch-hunt, he goes sniffing around, suspecting everyone close to Valerie.
Things take a dark twist when the wolf zeroes in on Valerie, who alone can hear it speak.
Most critics have slammed the movie for wooden dialogue and cliched scenes. But the film is aimed at young fans of the Twilight series, not adult critics.
True, the wolf looks a bit dodgy - you expect better with modern CGI. Yet a party scene with funky music and great dancing is excellent.
The scary bits are quite scary but they're not mindless zombie slaughter scenes or of the prolonged creep-through-the-woods variety.
Overall, it's great fun.