Pretty funny, if you're a pervert.
Way better than fellow low-budget parodies Paranormal Calamity and Supernatural Activity, but no idea how it'll fare against studio-supported hype like A Haunted House or Scary Movie 5. Like most of the movies of this fashion, it is a product of the times and contains pop culture and movie references that are only relevant between the years of 2011 and 2012. There are a few sick chuckles here, but overall pretty forgettable.
If you've seen Shriek If You Know What I Did Last Friday the Thirteenth and The 41-Year-Old Virgin Who Knocked Up Sarah Marshall and Felt Superbad About It, you'll know what to expect.