It's a US response to the novel 'Let the Right One in", filmed in Sweden under the same name. And it's very good. It's plainly aimed at the US market who can't be arsed reading subtitles, but is true to the feel of the novel, very bleak, mostly understated.
One significant scene from the first film is left out, possibly for certification reasons.
Kodi Smit-McPhee is wonderful.