With a bit more thought and technical capability this could've been something on the level of, or actually somewhat better than, what was going on in the Scream films. Apart from its evident (intentional?) cheapness, it has some nifty and intriguing ideas, and in some respects it's perhaps worthy of some considerable analysis all the same.
An interesting concept, but not nearly clever enough to make it work. Fails as both a horror film and horror parody. Some potentially funny twists on the slasher genre are executed in the most obvious and overplayed ways possible, the cast is completely obnoxious (Nathan Baesel as the killer is particularly unbearable), and by the end it degenerates into a fairly conventional slasher movie.