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First of all let me start off by saying that this movie looks like it was made with the budget of movies like Constantine, a good, solid hollywood sized budget. So, get your "Foreign movies are made with low budget" skepticism out, because this movie screams quality.
Now, that aside, the movie itself is about a war between good and evil, with certain people who are born special, "The Others" they're called. And these people get to choose which side they belong on. So now, it's a matter of saving a single child--an immortal with special powers, who, if switched sides, would unbalance the powers of good and evil.
The imagery in the movie is quite trippy, involving things like a small rubber doll growing spider legs and crawling around. Some things reminded me a lot of Silent Hill.
All in all, the plot is extremely solid. If you have a Blockbuster near you that has a "Foreign" section, definitely check it out. Or if you like taking chances, just up and buy it.

"Just after we've lived through The Lord Of The Rings and we can't even imagine another movie spellbinding us, along comes Timur Mekmambetov's fantasy masterpiece. Like Ridley Scott, Timur is an astonishing visionary and Night Watch is an epic of extraordinary power."
-Quentin Tarantino

The sequel came out very recently. It's Russian, so it was only in theatres for a week, and I missed out on it... Well I went one night and it was sold out! I couldn't believe it. But next week I went and it wasn't playing anymore. I'll just have to wait for the DVD.