Bumped into this on Netflix and it's been sitting in on my watch list for ages. I finally gave it a watch last night and it's a real blast. Reminds me of Braindead, for those old and crumbly enough to remember Peter Jackson's debut masterpiece.
If you have Netflix and an hour and twenty minutes to spare you could do a great deal worse.
Watched this a few weeks ago and oddly enough it came up on my Facebook yesterday as someone on there watched it and now I see it here. It was really fun and I liked it a bunch. Jemaine Clement is a funny dude which is why I actually picked it out to watch in the first place. I also love the leader of the werewolves (he and Jermaine are in Flight Of The Conchords and you should watch that if you haven't).