Finished reading Twilight series and quite liked it. Though I like Harry Potter series more. I have always liked Vampire Stories and that's the reason UnderWorld I & III are two of my favorite movies. But Stephenie Meyer's take on vampire's is not much different from formula fiction. Basically a teen love story, so what if the characters happen to be Vampires and ShapeShifters (Jacob is not a werewolf!).
The area where Stephenie Meyer succeeds is the chemistry between the lead characters. I think for a romance story to succeed the chemistry between the lead characters is very important.
I won't put Twilight in my all time favorites but indeed I enjoyed it while it lasted.