There are pretty straightforward pros and cons to this movie, and to me it seems to really be stretching things to call it "horrible" or "great storytelling.
The story itself - overall - wasn't that bad and, in fact, I enjoyed the ending. It was darker than I'd thought it would be, and definitely not entirely predictable. Ironically, that's also part of the problem. There wasn't really enough story development in the first 70 minutes of the film to lead you to predict much of anything, and by that time you're almost a little apathetic. Very little seems to be holding together what is presented during this stretch, and much of it isn't really that necessary.
A lot of the bad reviews I've read include phrases like "I couldn't make it half-way through" and "I turned it off with 20 minutes left." Because the story is so back-loaded into the conclusion of the movie, their reviews (to me) are rendered almost completely irrelevant. But because of the glacial pace I definitely understand where they're coming from.
Before I get the usual condescending "Most people (who aren't as smart as I am) who expect explosions and non-stop action/killing/slashing just won't 'get' this type of artistic storytelling (and are not worthy to cast eyes on the film like I am)," I beg to differ. I don't need nonstop action, especially in a horror/psychological thriller movie. But in lieu of action there needs to be story/character development to keep you engaged. And in this film that all came at the end, with only fairly disjointed bits and pieces for the first 70 minutes.
I give this a better-than-average rating because it IS better than most of the low-budget garbage out there. It is, indeed, watchable. But your life will not change. You'll think, "Hmmm. Didn't quite see THAT ending coming," then get back to your housework.