The movie is based on a stage play which is based on the novel by the same name written by Bram Stoker. There is an online edition of Dracula here.
Roger Ebert considers it a great movie. The New York Times has a mixed review. Moria calls it "a film that is dated, actionless and frequently laughable. A classic Dracula undeniably is; a great film is a whole other matter."
1000 Misspent Hours says,
In short, we have in Dracula a movie whose classic status rests solely on the unsteady foundation of priority. Nevermind that it’s one of the worst; it gets to be a classic because it was one of the first. Perhaps you think I’m being unduly harsh here, judging Dracula according to an anachronistic standard that its age prevents it from measuring up to. But I am doing no such thing,
10/31/2009: The Husband chose this one to watch with The Younger Son and me tonight.