It's taken a long time, but I now like this movie
When I first saw it I thought it was awful, boring and corny. However, now I appreciate it a lot more. It suffers every time Freddy comes up, I guess after the inexplicable success of Dream Master they were forced to maintain that comedic angle.
Apart from that there are plenty of good points, the themes it deals with are mature and unexpected for a film of this type, the atmosphere is brilliantly gothic with some great set design and set pieces, Hopkins was at the very least trying to make a proper movie, which is more than can be said of 4 or 6.
It's not a great film by any means but it's better than it gets credit for. It should get props for at least taking a unique approach even if it was boggled down by New Line to be more in line with it's prequel.