Wasted potential.
There were a few interesting notions in this film - I liked the simultaneous images of lovemaking with the sounds from a duel overtop - I liked the reference to Lon Chaney that is the basis of the title. Plummer, as all great actors, forgets he's in a piece of crap and gives a good performance anyway (which only contrasts to the awful acting going on around him and makes it look worse). Other than him, only Tatyana Ali creates a character here - the rest are cookie-cutter, one-dimentional stereotypes. Even if the character is bland, an actor doesn't HAVE to play it generic.
SPOILERS FOLLOW
On the whole, there's a lot bad about it. A lot of things don't make much sense. But at the point where we get "He was trying to help us all along", the whole thing collapses completely. Even if we accept that the killings were done by Plummer (which is clearly not the case, you can plainly see it's the other guy), there was NO point where he tried to help anyone.
"Now let's have an intelligent conversation. I'll talk and you listen."