Just to clarify (not that I really feel the need to defend myself, but whatever) I don't watch The Vampire Diaries, I just know that it is The CW's highest rated primetime show. I also don't watch MTV and HATE the Twilight movies (my sister is a huge fan though with her team Edward doll and twilight poster on the wall).
But regarding the TV show trailer, it didn't look b-movie bad and likely fits in perfectly with the demo they are aiming for; Twilight fans that were pro-wolf as everyone else has been on a Vampire high (True Blood, Being Human, countless vamp movies and other vamp TV shows all springing up over the last 5-6 years) as hardly anyone has covered werewolves* which I'm sure there are now plenty of tween fans of.
It's obviously an angsty Teen drama that is more Vampire Diaries than 80's Teen Wolf updated for 2011, but just looking at it for what it is, it doesn't look that bad. It could look alot worse, like a SyFy or Hallmark channel movie.
*the two shows I listed actually do cover werewolves, but True Blood is a vampire show. Being Human covers Vamps, Weres and Ghost.
edit: I thought I should point out that I didn't post that video here because I thought we should all tune in for MTV's Teen Wolf, just thought we should all be aware that MTV is reviving the Teen Wolf name with something that is actually more The Werewolf Diaries than a 2011 Teen Wolf made for TV.