Your mileage is really going to vary with this one. I guess it's just like any other horror movie in that you either find it scary or you find it boring. I suppose a boring argument can be made, honestly, since for long stretches of this movie not that much happens. And it depends a lot on your knowledge of the first movie to give these scenes of nothing happening any sort of suspenseful power. Me? I have to admit I fell into the former camp, I actually thought it was creepy. For me, the idea to record, this time, mostly on home surveillance cameras gave everything an eerie quality which ratcheted up the tension. Maybe it was the setting I watched it in: late at night with three other people who were eager to get scared and have fun, and to us, at that moment it delivered pretty well. And storywise, as much as there is one beyond "things going bump in the night" it actually made a pretty good justification as a sequel/prequel with a pretty good twist at the end. I wouldn't be against seeing Paranormal Activity 3 (coming out in October, so I won't have to wait long) to see them actually deepen the mythology surrounding this family somewhat. (The family that gets bothered by the demons this time is the sister of the woman who was haunted in the first Paranormal Activity).