A lot better than it generally gets credit for, with a very ambitious three-part structure that works well. Unfortunately there's an inconsistent tone, somewhat emphasised by the art, so that it veers from horror to arch silliness, with the wolves themselves going from terrifying juggernauts of fur and fangs to My Little Werewolf for no readily apparent reason (well, there is an in-universe reason given, but I didn't really see how it helped the story). The mix of humour, horror and post-apocalyptic fantasy is suitably 2000AD, and clearly owes a welcome debt to the mix in American Werewolf in London, but it just doesn't quite work for me: I found it hard to know when we had switched from satirical comedy to high drama, and that did affect my overall enjoyment.
I'd be very interested to read it all in one go, since the partial re-reads I did at the time of the third book were quite satisfying. Certainly worth your time.