Wow, out of the first 2 movies I really don't have a lot to say. They were both kind of forgettable.
While I didn't find this the least bit scary, I did enjoy the story a lot more than Sorority Row. After about 30 minutes I gave up on thinking that I was watching a horror movie and just sat back and watched the story unfold. My guess is, unless you're someone who is easily scared (I wish I still was), you will do the same. I felt more like this belonged in the Beauty and the Beast or Dr. Jekyll section. But of course - that's really what the story of the Wolman is.