I thought it was very good.
Definitely a slow-burner, but a very good horror film on its own. I loved the creepy atmosphere and how the film relied on sound and location to portray the sense of fear throughout.
Also the lead's expressions and constant whimpering and crying even at when she's looking at NOTHING. She felt like a real person and I thought she did a really good job. I also liked the fact that it was "supposedly" done in one continous shot. Maybe the filmmakers are exaggerating, but it sure as hell looked like one long shot and that's what matters.
The only major flaw that I had with it was the ending. I had no problem with the revelation at all, but I felt the ending itself needed to be a little longer. When the on-screen text appeared I was a bit taken aback. I expected maybe 5 or 10 minutes more of actual film.
But overall, I really enjoyed it. I'd give it a 7/10 -- could have been an 8 with maybe a bit more explanation and a less abrupt ending. I'm hoping the upcoming remake can maybe improve on a few flaws of the original. I'm really excited for it and kind of hope it turns out to be better (at least ending-wise at least).
You're either playing dumb, or it's not an act.