I went and saw the film again today, and I have to admit that it definitely plays better the second time around. Generally it takes time for things to sink in for me before I can really enjoy then fully and get a well-rounded opinion of whatever I'm watching.
Where before I thought there wasn't enough development with almost all of the characters, now I limit that list primarily to Roger and David, and their ensuing storylines and relationships therein. Angelique did seem as if she was some sort of throwaway foil for Barnabas, but I think that their past was adequately explained enough for the remainder of the film to make at least some sort of sense for the progression of the plot.
Also this time around, the film struck me more of an adaptation of HODS, just with the inclusion of Angelique at the villain instead of Barnabas.
I know there was speculation as to why Angelique began to crack up during the climax fight. My theory is that perhaps when Barnabas bit her outside of Collinwood he drained whatever life she had in her and this caused her to start to fall apart. Another, and perhaps more forward thinking theory in terms of a sequel is that maybe this was not the real Angelique but possibly a decoy she put into place so no harm would come to her. In any event, just because they showed her "dying" does not mean that she is truly gone, as we all know too well.
All in all I enjoyed the movie much better this time around, and I think it helped that I was one of three people in the theater because I attended the first showing of the day. Without the laughter from other audience members to so abruptly call out the sometimes absurd moments of the film, it was much smoother as a whole and the light humor wasn't as blatant.