It is a very atmospheric film, with the marshes being very gloomy and misty, full of old gnarled trees. Clearly the special effects of the transformations are not very, well, special; essentially we see his shins get hairy! But since it’s not the effects that are the point of the film, it hardly matters. I’ve mentioned the tragedy, but the film is also very much a fairy story also; everyone in the town seems to know about werewolves (though not believing in them), and everyone knows the rhyme:
A great movie, full of atmosphere, well written characters, well acted, and Bela Lugosi. What else do you need?