I agree with some of the other reviews here - the setting is very picturesque, but there isn't much information or context given for what makes this site special.
I made it here by public transport from Ružomberok, following advice from the helpful tourist information office there. As of August 2018, there are two buses per day, one at 8:25 and one in the evening that arrive then turn round and come back. I tried to get the 8:25 one, but it hadn't arrived by 9:00 so I gave up. Instead, buses to Banka Bystrica stop at Biely Potok. This is only a half hour walk (up a steep hill) to Vlkolínec. Apparently the bus I'd intended to get arrived at 9:05.
The village is very small, so it wouldn't be worth waiting around for the evening bus. Instead, I took the 2-3 hour 'red' trail to the top of the Sidorova hill. From here there are great views across the valley and down to the village, and then a pleasant stroll through the forest back into Ružomberok. Climbing the hill is also very steep, with some steep downhill sections after that too.