Alot better than I imagined it. Stories within stories within dreams, all about werewolves, wolves, and a certain girl in a red hood on her way to grandma's house. Not as stylish as "Interview With The Vampire" would later be, but Niel Jordan does merge, a fairy tale whimsy with 80's special effects driven gore (there's very little violence, just alot of graphic, long, and bizzare transformation sequences).
From a novel by Angela Carter(who co-wrote the script with Jordan), it's an entertaining werewolve fairy tale movie, made so by it's novel structure, and decent(most of the actors) to pretty good performances(Angela Lansbury as Grandma).
Also for like the first 2 or 3 minutes, every frame no matter how brief has an animal in it, in the corner, or foreground, or background, don't know why I liked that so much, but it was nice, made me pay quick and close attention.
You could view it all as a sexual metaphor for budding adolesence (it's all framed as a dream), but it would be one of a few themes lightly touched here and never developed.
Very imaginative and stylized though. I'd watch it again.