This was really mediocre in basically every regard: Action, comedy, story, characters, you name it. Also as much as I like James Franco his brother is simply unbearable to me.
Trashy Vampire movies are actually my guilty pleasure, so it wasn't a total waste of time but the only thing that really hit my taste was the soundtrack.
I also liked the lore and although almost all background or exposition had to be narrated they implemented some of it believably. [Spoiler]The "knowledge battle" in the car in particular.[/spoiler]
What bothered me most was that the sole motivation was [spoiler]making money fast but at the best opportunity to just loot the pawn shop for either money, fangs or even the weapons, it is not taken. I also thought it was a nice twist to have Franco turn but somehow they contradicted their own universe when he immediately turns into a total badass with complete control over his urges. [/spoiler]
On top of that I think they messed up the timeframe. Everything went extremely fast without any detours to reach the climax. Which would actually have been completely fine if not for it taking place over several says. Had it all been simply a consecutive series of events escalating more and more it would have been much more believable for things to fall into place so perfectly.