Lame ending.

So, obviously this is just my interpretation of the ending, because the movie was ambiguous.

I think that it's most likely that they kill her after the photograph. It seemed to me that the woman who finds the photo at the end is the killers' new target and that she will face the same harassment.

One problem with that, though, is that you can obviously see Colleen's face in the photo (unlike the other photos where the movie stated that they were too disfigured to identify).

I would hope that after everything that happened, the police in Colleen's town would be making a big deal about her disappearance. To me, that would indicate that the police in this new woman's town would probably take the photo (or photos) more seriously and offer her more protection than Colleen got.

I was ultimately very confused about the killers' motivations. At first I thought that they were into Colleen, but then the movie seemed to make a point of them being gay. It was never clear why they were obsessed with her; why they picked her for their cruel game; or what they even wanted. And not knowing their motivations makes it a lot harder to figure out what they would have done with Colleen once they had her.

I agree it was a lame ending. Pretty lame movie overall, actually. No one was likable, no one had any clear motivation. There weren't even any reasons for any of the details they obviously felt compelled to include (why were the pictures numbered, for example? They obviously went out of their way to point that out, but is the reason really so simple that it was just chronological?)

And the ending was probably the worst because it could have redeemed the movie at least a little, but it didn't. Not only do we not know what happened to Colleen, but the killers' obsession with her is minimized because they target the new girl (who is the friend from the opening scene at the movie theatre). Was she their target all along? If so, what was the point of stalking Colleen to the degree that they did?

It was all so muddled and poorly thought out. I don't think they even had an answer for any of these things in mind. It's too bad because there's some serious talent behind this film - Oz Perkins, Dean Cundey, and of course Wes Craven. But it's pretty terrible in almost every regard.