Amateurish and silly when watched as a work of fiction. However, if you can trick yourself and watch the film as its veneer: a non-fictional account, it's actually scary as hell... and rather genius. It's so grounded into our real world and exploits our belief that urban legends/campfire tales are sometimes true, that it may be the greatest fictional true story ever told. Werner Herzog, eat your fucking heart out.
I've avoided rewatching this for some time—the studio's forced push out of the art-houses and into suburban cineplexes to cash-in and the resulting slew of subpar imitators always left a bad taste in my mouth. But after 17 years...it holds up well. The characters are still grating, but they do resonate. There's something authentically chilling about watching them descend from naive exuberance into pitch black dread.
3 - The beginning and ending were pretty solid, but the vast majority of this film is a freakish hybrid miasma of dull and annoying. Hard to believe this was the face that launched a thousand found-footage copycats, but then again "Cannibal Holocaust" would probably have been harder to emulate.
For a film in which "nothing happens" it really held my interest. The performances are so good you don't even notice them and the ending is effective and surprisingly clever. To those of us who prefer their horror a little more on the Grand Guignol side, this doesn't have much rewatchability, but it's leaner, meaner and more effective than any of the knock offs that have followed it. Devilishly effective, even today.