I just watched Oculus. I give it 3.5 stars out of 5. Great ambient music, very reminiscent of John Carpenter. This is something that really stood out to me. The movie was also well-acted and with a great visual feel to it, and I particularly liked the look of the mirror-eyed ghouls throughout the movie. I also enjoyed the blending of two storylines together, the past and the present. The characters are easy to empathize with, and none of them are stereotypically lame. Overall, the execution of the movie was solid.
I think where the movie fails, though, is that it doesn't deliver enough of a scare. There's not enough 'oomph' to the scares for a seasoned horror fan, and the ending was woefully predictable. Given the premise, though, I don't know what more they could have done with the ending - the main characters either defeat the force of evil or they don't. There's not a lot of room for creativity there. If I had been 12 years old and seen this, it probably would have scared me. But as an adult, I appreciated the atmosphere of the movie a lot more than the scares. In fact, to use another recent movie in the same style as a measuring stick, I'd say it's considerably less scary than Insidious.
My verdict: worth watching for horror fans who appreciate good acting and good filmmaking, but don't expect a lot of surprises or scares.