I've got no issue with the time-setting, so much as the undertones it might provoke.

Although it was about vampires and werewolves, Underworld seemed to go the sci-fi route as opposed to outright fantasy. Yes, some things were almost blatantly magic, but a lot of what they did with the cross-breeds and the like seemed more based in pseudo-science. In the final movie, though, the midevil setting always seemed to highlight the more fantastic elements of the plot, with even the most sciency stuff being treated as just another form of magic, in my opinion, anyway.

I'm really just more concerned with that being the case here, with the story seeing the monsters as creatures of magic instead of just some sort of theoretical divergent in the human genome. Basically, it really just drastically affects the way I'd play my character, and makes me question if I'd want to.