I started out being put off by the POV stuff, and at first thought it seemed like a sneaky way of claiming Elijah Wood was the star, while only having him in a handful of scenes. Whether or not he was there the whole time, I really thought they pulled it off well. And considering that part of the story (in the original as well) was how Frank perceives his mannequins, I thought the POV method was actually justifiable within the context of the film. By about the 30 minute mark, I found myself really enjoying it. It was quite brutal, and Wood did a good job of being both sympathetic and frightening. I was surprised how much I enjoyed it. I don't know if I feel any desire to rewatch it, so I doubt I'd buy it, but it's more than worth watching on Netflix, or as a rental (for as much longer as that exists).
I also liked how it took major beats from the original, and adapted them - the subway chase, the fashion shoot/photographer element, and the reference to the original cover art was fantastic.