Yeesh, this movie. I like the concept (Freddy uses the dreams of Alice's yet-to-be born child to get at her and her friends) but not so much the execution. The child actor representing Jacob isn't very good, and while the kills have some originality to them, they aren't really well done.
On the plus side, it is nice that the black friend makes it to the end for a change (and make no mistake, Yvonne kicks quite a bit of ass) and I think by reducing the number of red shirts, we start to care a bit more when they die.
Otherwise, yeesh, this is hard to watch. Not as hard as I imagine the next one will be, but man, this was not an enjoyable rewatch.