First of all, the story is quite interesting, claiming that Mary Shelleys Frankenstein was a work of non-fiction, based on an event that actually took place. We follow Professor John Venkenheim who is the subject of a documentary while his academical and personal lives are falling apart. You see, he has quite an odd theory that he wants to prove, that Frankensteins monster was an actual creature - a triumph/catastrophic failure of very early genetics and that it is still out there roaming the wastes of the Arctic circle, killing to stay hidden from humanity. Haunted by the fact that it was his own family that spawned the creature he decides to find it, no matter the cost and takes the cameracrew in the the arctic wilds of Canada. Of course, things go wrong.
Another of the movie's strength is the fact that it does look like a real documentary, the camerawork is professional, the wobbling camera is kept to a minimum and all the characters (a lot less annoying than the usual assholes that run around in the woods chasing spooks) are played by decent actors. The snowy landscape is an excellent setting (I want more snowhorrors goddamnit!).
The Frankenstein theory is a decent enough Found footage film that isn't you run of the mill crapfest, if you like the genre you might possibly be enjoyed by this. It does have one quite substantial flaw (and this will get slightly SPOILERish) and that is the fact that is doesnt really go anywhere with its interesting story. They travel to the wilderness and encounter some strange going ons and while it is still entertaining and somewhat creepy, it ends up fairly cliched. Just another Boogeyman. It doesn't kill the movie, just makes you yearn for what could have been. (END SPOILERishness).
In the end The Frankenstein theory is an above average Found footage movie (Believe me, I have seen much worse) and I'd advise you to check it out. It won't rock your world but you will be reasonably entertained.