It was a good job adapting the story- and fixing what it could from the 'Twilight' screenplay. Some moments were entirely too cheesy (Edward's first shot, anyone?), but as a book adaption I would put it better than "Queen of the Damned" but worse than "Interview with the Vampire", if that helps anyone.
We're not winning Oscars here- but we're also not disappointing the fans. (Might not be making any new fans, but that's not the point of the movies. Or, if it is, they are failing, horribly.)
Seriously, read the books, people. They are way better.