Product Layout: 1 cover page and 3/4 taken up by OGL and writer information, with ~ 1/4 used by art you're getting 4 solid pages of rules for ghouls.
Skills: Section is much improved with information the GM can convey to players based on their roll.
Feats: For the most part these are well done, but there is one feat that I feel is a little too powerful. You'll have to decide for yourself but I wouldn't use it unmodified in my campaigns.
Alchemical Items: Useful and interesting items, 4 alchemical items and 1 spell component enhancement. Having an alchemical item that makes your spells more effective is very cool and I hope to see more items like this.
Spells: 4 spells with a mid level and two low level spells aimed at aiding the undead and one for fighting them.
Magic Items: There are 3 Wondrous Items and 1 Weapon in this section, priced for mid level adventures. While they are too expensive for lower level adventurers (the type to fight book standard ghouls), the items are very useful for a group facing the up scaled ghouls from this supplement.
New Hazard: Appropriately themed and a good addition to the GMs bag, the Ghouls Banquet is a good way to add danger to an adventure without directly damaging the players.
New Creature: The Ghast Lord is CR 5 and will make for an appropriate leader of a ghoul pack. The Gluttonous and Leaping Ghoul templates are +1 CR modifications that will prove a nasty surprise for any player that thinks they know what a ghoul/ghast can do.
Adventure Ideas: 3 adventure seeds that give you some idea how to use the material in Monster Focus: Ghouls.
Overall I think this product is a strong addition to the Monster Focus line, and the best one so far. While I do have misgivings about one feat I don't feel that's worth a star, as it is easily house ruled.