Despite it being fairly generic, the movie does a good job of playing on childhood insecurities and fear of the dark. Some clever camera work and some good jump scares make it worth a watch, but ultimately it's still a little predictable.
Not a bad continuation of the Ring saga... some interesting ideas, and Galecki isn't too bad in a straight role for a change.
What lets it down is the predictability of the "twists". I kind of forgave them as it's been a while since I watched the Ring movies... and especially the Japanese originals which still blow these Western remakes out of the water.
Watch, enjoy, but don't expect anything scary or thrilling.