I have just read the book and I say definintely not. Catholic Mom who writes here, agrees.
Here is another post on the "Twilight" phenomenon from a man who graduated from St Thomas More College and works as a DRE in Illinois.
Here is a review from Julie at a Connecticut Catholic Corner. She works in publishing and seems to be an ardent Catholic. She also has a movie review on the blog.
I'll be posting reviews of both shortly.
Just let me add my own warning; I have been a teacher for 20 years, and I never saw such mass intoxication with a book, yes, even compared with the Harry Potter series. This near hysteria came to a head in my seventh grade study hall Friday afternoon, when I could not keep the girls quiet enough to study; they were all a flutter about their plans to see "Twilight" that evening. This is a phenomenon which Catholics must examine before embracing; anything that the Culture of Death embraces with such ferocity can't be healthy.