Just saw this movie in IMAX 3D and loved it! Of course it won't win any awards for plot, but it has some very cool action sequences with the lovely Kate Beckinsale.
I enjoyed the 3D aspect although it isn't on the same level as Avatar or Resident Evil: Afterlife. The directors probably didn't spend as much effort making sure their set locations were impressive in 3D or that their shots were always layered with foreground, middle, and background objects. Since the movie was shot in 3D with a full aspect ratio and being displayed on a mammoth IMAX screen, I got the sensation that was literally hovering above Mrs. Beckinsale and the stylish action sequences, making it $10 well spent.
The depth was very good but nothing breathtaking. It's definitely a dark movie like you would expect from Underworld, but it never caused anything to look 2D. A couple of locations, including a construction yard and a parking garage, did have great shots that recessed deep into the screen, but there could have been more. There were several quick pop-outs where weapons are thrown directly at the camera, and throughout the film, people, lycans, smoke, and explosions will just barely breach the plane of the screen pretty regularly.
There were multiple missed opportunities for some what-could-have-been awesome 3D moments. My eyes got wide with excitement when a vamp pulled out a chain-linked whip to fight a lycan, but he didn't swing it around nearly enough to make it into a 3D spectacle.
Despite its few shortcomings and failure to maximize its 3D potential, this movie will be near the top of my BD3D wishlist. We need more quality live-action 3D content like this on the market.
Stereography - 3/5
Depth - 4/5
Pop-out - 4/5
Fun factor - 4.5/5