I personally feel that it would be really stupid not to take advantage of what can be done with CGI, just as I think it is stupid not to take advantage of what can be done with makeup effects as well. A marriage of the two techniques ,I think, would make for the best transformation.
I don't have a problem with a CGI transformation as long as it is shown as a process and not just a quick, 3 second morph (if that makes sense). In other words, I like the way Rick did the transformation in AWIL. Though obviously not CGI, it was really believable as what a human turning into a werewolf might be like. Hot flashes, bones breaking and just an all around painful ordeal for poor ol' David Kessler back in 1981. Morphing werewolves are just boring and take me out of the movie.