First saw a piece of this movie when I was at a friend's, never was able to finish it until I got it off of Amazon.com.
First, the effects are great, at least for its time period. Blood, gore, toplessness. . . yes, it's all there. However, in a movie with vampires, the plot is pretty predicatable. Big hero chases master vampire, friend becomes enemy, hero wins.
The reason it gets four stars, however, is because of its effects, the actors, the script, (Yes, the script was probably one of the better parts to the movie.), and its unique display of exactly how the vampire came to be.
Over all, it's a decent movie. Worth watching once or twice, but in the long run, not worth owning for $15 or more.