Plot- I mean, as stories go it should have been good. It had werewolves and a pretty girl. I think it was trying to cash in on the twilight market, but from what my wife told me the vampire guy wins in that story so it this one is a movie about the losing side. Because it was a twilight inspired film, it was missing the nice hard edge that generally makes a good horror movie. For a movie about people that can turn into monster wolves, it was guilty of a most grievous crime for a horror movie, It was boring.
Characters- You just don't really care about the characters at all. The movie doesn't do a good job of making them relatable. I actually found myself hoping that Red would be turned to a werewolf in the end. You will have to watch it to find out if she does. Nor even Gary Oldman could make me care.
Overall- I am pretty sure that the Red Riding Hood you grew up with was pretty gruesome. It involved women being eaten by wolves and woodcutters cutting said wolf open. This current edgy version is much less edgy than the original. It has werewolves and is less edgy. It really has very little resemblance to the original story. The original was a thinly veiled warning for child molestation and stranger danger. I think you could give this one a pass. Might want to keep the younger ones away due to some sexuality. That is some as in not enough to be interesting.