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Saw this last night. Creepy as all get-out, to be sure, but I found some of the resolutions (or lack thereof) pretty unsatisfying. A lot more skill went into this than the story underneath it deserved.
Very unsettling at points, particularly in regards to the climax. I can't figure out if that's to its credit or its detriment, though.
Only thing I'm certain of is that the first half is great. After that, I've definitely got issues with it. But the first 35-40 minutes are stellar. Haven't felt that tense watching a mere DVD in quite awhile.