Personally, I don't know if were-creature stories are done to death. I would argue that the 'White Wolf/Dungeons and Dragon' style ones are done to death (but then again, what from White Wolf Games isn't done to death?).
However, one of the best 'werewolf' stories I've ever read was a young adult novel titled, I believe, "man-wolf" which wasn't about a werewolf at all but about a child who suffered from a very real disease during the time of the Crusades, that burned him in the sunlight and turned his teeth/voids a dark red color. Because of his mangled, scarred face (from many burns as an infant) and his reddish teeth - not to mention his nocturnal habits, he was accused of being a 'werewolf'.
I recall this book being so enjoyable it was the only thing to distract me from the pain of a horrible ear infection that was causing me to stay awake at nights.
Also, what is 'done to death' is the idea that any person who is 'injured' by a creature and infected by that 'creature' (other than vampires) is somehow a 'werewolf'. One of my novels featured a character trying to fight off the infection received by a creature and all the first readers of the first chapter started saying how much they 'hated' werewolf stories. I even managed to include a description of the 'quarter moon' as a further sign it wasn't a 'werewolf' story.
But I have to throw my full support to Shadow Ferret's thoughts. The idea of coming up with something 'original' and 'transcending' above everything else should be secondary to telling a damned good story. Like makers of science fiction films - the good ones like James Cameron - say, the effects are nice, but without a good story, they're worthless. Here, you can have a great 'transcendant' idea, but without a good story, it's worthless.
Rabe...