Yeah saw this yesterday, well..... it's not the worst , but it is now just behind that[part 3].The CGI Lycans are really bad, there are real life props and suits here as well and you can naturally tell the difference. The story did advance, and once again left the door open for another installment, but frankly this story was out of steam after "Evolution", and it seemed this was just a quick paycheck for everyone. What was really missing that "Gothic" look and feel of the previous ones. The production design looked more like a "Marvel comic" film's then what was displayed in this series before.
On s side note, the audio design took a hit as well IMO. The bass was so prominent and over used, that it pretty much droned out any other FX sounds, especially in the surrounds. It was just loud and dumb, but then again this series never been an audio champion in my book, so I guess this may not be a concern to some.