It starts off pretty well and Orlok is visually intimidating, but his hammy east European accent is hard to take seriously.
For a version of Nosferatu, the original bootleg Dracula, it's actually more faithful to the Romanian folklore that inspired Bram Stoker, with the vampiric bite over the heart rather than on the neck.
Count Orlok also makes more sense than Count Dracula, since a count is only the equivalent of an earl, whereas Vlad Draculea (son of Vlad Dracul / Vlad the dragon) was Vlad III, a prince of Wallachia.
While it's a well made film, the problem is that the story has been told so many times already. The ending to this one is pretty guesome though!
