Come on in, the water’s fine.
Not very good, really, considering the source material, and lot of the editing and directorial decisions plus the skizophrenic color grading make it look amateurish and camp in a bad way. I guess if you’re not familiar with Junji Ito’s manga, it could be an alright j-horror flick. Ignorance is bliss, sometimes.
Supposedly Shyamalan made three cuts of this - a horror film a comedy and a horror comedy. Whether he was unsure of or just not really serious about the film he wanted to make, the result is, expectedly, a kind of a school project level mess of kids with camcorders lightheartedness, found footage tropes and (as the only uncomfortable element) dementia cliches.