What you'll make of this faux documentary will depend on which way you approach it. If it was supposed to convince the viewer it was real, then it can't be considered a success. If it was just an experiment, it certainly is different if a little over-long and self-indulgent.
One of the earlier entries in what was to become an avalanche of slashers in the early 1980s and equally as unimpressive as most of them. Whilst the supernatural angle makes it a little different, it's poorly acted and shoddily made. Even John Carradine can't save this one. Nice electro-synth score, though.