First of all, I must admit that the previous poster was correct in that the special effects were very bad. The monsters were very obviously in latex masks (a la Power Rangers or Godzilla). Beyond that, I did like the movie.
Unlike the previous poster I thought the acting and action were decent. Though I avoid dubbing whenever possible, so I chose the subtitle option; perhaps this held the level of the absurd down to a tolerable level.
All in all the story was very Anne Rice. The monster people and humans used to live together, but the humans drove them out into the hills. On group of them live in a town and aspire to make a deal with humans to be able to live in harmony. Of course you sympathize with the monsters and the humans end up being the real monsters.
My true regret was that you don’t see Kimbakichi turn into Werewolf form until the very end. Before that he is the mysterious ronin.
This particular movie helped me see the similarity between the samurai movie and the american western. It makes sense to me that a (better) movie such as Seven Samurai could translate to the Magnificent Seven.