Just went and watched it tonight. The buzz around the movie has been pretty negative. I, however, rather enjoyed it. It had some good, tense stretches and just enough really startling moments that (while not horrifying) it made for a pretty enjoyable scary movie.
Of course, I'm a bit of a sucker for "found footage" horror films, which most people seem to rather dislike. I suppose that largely accounts for the difference between my feelings about the movie and those of other people I've heard comment on it. Oh well, to each his/her own.