Vampyr is an excellent historical study of the development of film atmosphere. Each scene is thick with visual context. It is eerie and spooky, but also fairly empty. The plot is minimal so that we can focus on the cinematography. This is fine, but films do have to have a number of good elements or else they are not successful. I would rate this film a success, but a minor one. Nosferatu, Phantom of the Opera (1925) and even Blood of a Poet are far better dream-like efforts. I believe that the film highlights the fact that the early 1930's were not a good time for film in Europe (in general). Besides Renoir, most directors were moving to America and doing their best work in Hollywood. In light of the cesspool that is modern day Hollywood, it is hard to believe that it was ever a leader in world cinema, but at this time it was. Check out Browning's Dracula or Whale's Bride of Frankenstein and it becomes clear that advances beyond the level of Vampyr had been made. Still, the film is a textbook display of early film atmosphere and for that it is worth a look.
