OK let's cover the bad parts first, and then get to the positive.
Pretty much everyone agrees this storyline is inane-ludicrous frequently.
The special effects (ie werewolf scenes) are weak. The dialog is not a strong suit either. Examples of lack of believability: why Rosemary (lead actress) continues to be attracted to Tony (lead male) at all, when he consistently ditches her at the drop of a hat. It's not like she's not pretty enough to get any number of other guys for a boyfriend. Werewolf attack scenes: the guys and gals just fall right down with their hands helplessly above their heads--like they really wanna be eaten alive. They don't even pretend to fight back, or seriously run. Super lame. Then there's the low-budget cinematography like the many "night" scenes which so obviously are filmed in broad daylight with a dark filter applied. On the other hand, I liked some of the colored light effects in some scenes. Is this designed to be a comedy? I don't think it was-but it isn't really scary, either. What saves the film from being a disaster? Mainly it's the music for me. There's music going almost the entire film, and I liked almost all of it. This is like a rock-concert of a werewolf film. In fact it's better as a music video than as a "horror film". Most of the music is by Jonathan Clark and by Signal. If you like rock with a good beat and a lot of nice bass, you should like the music.
The Internet Film Database audience did not treat this film kindly, giving it a 2 out of 10 score. Watch it with low expectations, and you might be favorably surprised-especially by the music.
If there's any kind of a theme going on here I suppose the "werewolf" business is like a metaphor for all the bad influences for rock stars, film stars etc.--the drugs, the promiscuous sex, the money, the groupies--and Tony's struggle with whether to give in to his lower nature or to be a good person/boyfriend/husband to his nice, normal girlfriend. Werewolves, like the Dr. Jeckyl/Mr Hyde story, have always been a metaphor for the dual aspect of humanity--good and evil admixed.