It's alright and also atmospheric. I could see how it would be frightening to people back then. Ever seen Shadow of the Vampire? It's (kind of) about the making of the 1922 Nosferatu. It also has Willem Dafoe.
I liked it because it was going for a very different take and because, to me, Count Orlok seemed closer to the Count Dracula from Bram Stoker's novel. Also, it was very atmospheric and the only acting I didn't like was by Aaron Taylor-Johnson.