Watched it after having heard some glowing recommendations by fans of more eerie and psychological Horror. And that's exactly where it excels. The presentation is very quiet and the unease lingers. The ending is especially effective in its sad and haunting conclusion.
I can't really call it a masterpiece though. Unfortunately, the narrative gets a bit muddled - plot points are introduced that don't add much to the overall movie. And its strong point - the mockumentary framing device - ultimately becomes a bit of a detriment as well. The way it is told seems somewhat lifelike, but the actions of its characters seem far-fetched. The documentary tone makes it harder to suspend your disbelief. Still, a pretty solid movie - especially for the small budget it was made with.