Oculus is a combination of many other, much better films. The Exorcist, The Shining, Ringu, Poltergeist. It's not ashamed to borrow heavily from horror royalty. Theres no question that it is trying to punch above it's weight but thanks to some smart scripting and some terrific editing in the final act it manages hold it's head up high.
It's a modern horror film told the old fasioned way.