REALITY: This isn't bad at all really. It's still a basic slight re-telling of the original storyline in a different time and with different characters, but it's likable. This time, instead of cool biker kids with bad mullets the vampires are a bunch of surfer doofuses. The performances are all okay, the special effects are pretty decent, and it's been put together by competent film makers. To be honest, this was much better than a lot of films that actually make it to theater releases.
A pointless cameo by Tom Savini early on was pretty neat, and for any fellow crappy teen TV viewers out there, Shaun Sipos from the new Melrose Place plays a vamp, and Autumn Reeser, the nerdy Taylor from The O.C., plays the main character's sister. Also, Corey Feldman is awesome. Hearing him spout about the value of comic books with a grown man's croaky voice instead of his patented weasly 1980's vocals was pretty great.
If you haven't seen the original Lost Boys then do yourself a favour and buy a copy. This sequel is pretty pointless but pretty watchable.