We liked the movie, or should I say the conceit and the fx. We didn't like the execution. As was said by others, once you "get" the idea, direction could use the hand held (or as a producer friend calls it, "vomit-cam", judiciously to carry the idea without alienating the audience...which apparently it did.

One other major point of contention. In the Blair Witch Project, the fact that the story came up with little fanfair and dealt with an obscure little legend in western Maryland gave it a shred of believability, hence additional suspense, not unlike "Ghost Hunters". OTOH, it would be kind of hard to not have known about a gigantic creature trashing the Big Apple...