Although there are some great atmospheric shots in Nosferatu, as well as major creepiness any time the vampire himself comes onto the screen, there are long periods when the film just seems to stutter and die. This is not simply due to the generally slow pace of the film, although that does play a part sometimes. Rather, there are just too many minor annoyances that pile up. There is far too much "moralizing", especially towards the end of the film. The trouble is that these moralizing speeches come across sounding like the characters who are speaking them are utterly uninterested in what they are saying; ex. when Mary says to Dracula "salvation must come from within ourselves", she says it so matter-of-factly that any effect that the statement might have had on the viewer completely dissappears. And on and on.
Perhaps these scenes sound better in the German version; I don't know.
Also, for such a serious movie it's quite hard to take some of the actors in it seriously; the madman who joins Dracula when he comes to London has a laugh that is so ridiculous by the end of the film that it's just not possible to not crack up laughing at his acting (probably not what Herzog had intended). I was also quite dissappointed with Van Helsing's character in this movie, who during half of his time on the set rambles on about how Science (with a capital S) has DISPROVED everything supernatural (which, apart from being completely at odds with his character in the original book, is also a very stupid statement).
Scenes that were important in the original movie (such as the ship's journey to England) are given short shrift here.
Also, Herzog doesn't seem to mind introducing continuity problems for the sake of atmosphere. For example, when Jonathan is in Dracula's castle there is a young Gypsy boy who stands in the daytime near the castle, alone, and plays (really badly) a strange melody on a fiddle. Why anyone would want to stand beneath Dracula's castle and play on a fiddle is not answered.
There ARE some redeeming factors to the film. For example, the introduction to this film is marvellously creepy and unnerving, showing us statues of dead and decomposing bodies. I also really liked how Herzog handled the plague that came to London (although why one vampire would want to kill hundreds of people each night is beyond me...); there is one extended scene in particular where the camera takes a stroll through the sickened city, where those who pay attention to detail will be able to find all sort of gruesome and disturbing events that happen, perfectly choreographed.
Overall, though, this does not seem to me to be the classic that many here are making it out to be. I've heard that the German version is superior, so perhaps I've judged the film too early.