I thought Dracula Untold was a nice deviation from the mythos of Dracula. It's an original origin story for how Dracula got he powers.
Was it told in the best way? Was the story riveting and keeping you at the edge of your seat? No. I'd classify it more as a sophomoric attempt that hit a lot of the right notes to really show his power. It starts by showing you who he gets his power from, and those scenes were awesome. Later on, when he lays waste to an entire regiment attacking the castle solo. you get more. I'd say where the film falters is in his attempt to get his country men to safety and the scenes of pitchfork wielding mobs was fabricated much too quickly and meekly.
Of course the ending is too mushy and revenge driven, which you knew was going to happen because then we wouldn't even have a Dracula.
So, I'd recommend it like @Wallapuctus has said - don't avoid it, and maybe seek it out when you need some brainless activity.