It's about the same quality as every other found footage horror movie. It doesn't have the benefit of Blair Witch Project in that it's incredibly formulaic (based off of the aforementioned formula of BWP) and the 'weird stuff REALLY does happen in real life' doesn't carry over because the setting is so far detached from any human beings day-to-day life.
This was a grand disappointment. It has some nice atmosphere and style to compliment its ultimately shaky idea, but overall, it's dry, noneventful, a tad too thin on characterization, and the ending doesn't make much sense. Let me put it this way; how are we seeing the footage? That's all I will say.
This was an interesting failure. It fails because the characters' emotional reactions to the situations they are in often don't come off realistic, and that is a HUGE mistake for a movie like this. Having said that, the premise is interesting, and there are moments of the film that do hit the right note. There are sections that are quite scary and suspensful. The cinematography and style are quite good too.
Can't put my finger on it but I actually liked it. One of the few films I didn't mind that they put "Based on a true story". And just so you are aware the last 12 minutes of the movie is credits. Don't know why I mentioned that maybe because I was looking for more but was disappointed.