I won't say it sucked
but it was at best a missed opportunity on several levels. The werewolves looked good as a practical effect and I guess budget led to the need for CGI transformations, which in my opinion hurts any werewolf movie. I mean I feel the transformations are the fundamental of the pictures. Compared to the other Howling sequels, which range from unforgivabley awful to strangely creative, I really cannot say that this entry had no merits at all.
Would we judge it so harshly if it was just some werewolf movie not attached to the Howling legacy? Is that legacy really so great to begin with?