Vampires are awsome. Werewolves are ok but i think they would stink.
Yes, SM's "wolves" are actually "shapeshifters" (only limited to wolf or human form). In myth, a real werewolf only changes at the full Moon and then is a totally out-of-control killer, so no thank for being around them. However, the SM shape shifters are there to protect their tribe and the other people of Forks from "practicing" vampires (not the Cullens per se' as they don't attack humans...although IMHO Edward should have gone back and ripped off the head of that thug who tried to harm Bella!)
(I like what happened the thug in "Midnight Sun")! If I were SM, I'd continue to write the Twilight Series, specifically what is going to eventually be a show-down with the "Tuscan Scum" as I call 'em in my book.