I just finished watching it. All trite allegory and conventional symbolism aside, it was ho-hum. It is to horror what LEGEND is to fantasy: pretty but insubstantial. And the use of real wolves in werewolf flicks never ceases to annoy me.
Agreed with the use of real wolves... Give me fucking monsters, snarling unholy beasts, not national geographic... I want a complete devoid of reality when it comes to creatures. That said I love Company of Wolves, I consider it more a dark fantasy than horror. It's a beautiful film that is yes less on substance, but this was a film made on a more artistic visceral level, not much on story. A moving portait of gorgeous imagery. Not to mention the performances and fx are spot on kick ass and imaginative. BTW LEGEND: Director's cut is the version you need to see.
I have an angel on my shoulder, but a devil in my head.
Having recently watched it again for the first time in decades, I still found myself immensely enjoying this dark and ambivalent fantasy of sexual awakening and the perils that lie therein. If you come to this expecting something along the lines of The Howling or An American Werewolf In London you may well be disappointed.