I thought it was good.
Though I have to admit it was B - Grade.
The concept of how the killer existed because of the old footage of the orignal scenes from the unfinished movie and how they decided to get rid of it by destroying the film was clever.
The speical were pretty good for movie of this type. Seeing the creature melt while the film was beeing burnt looked particuly effective.
This is very good for a Australian film.