What makes a good anthology horror?
Not necessarily horror, actually. Depending on the framing device, it may just come down to good storytelling. For example, the flagship entry of the genre, Trilogy of Terror, is not actually that scary, but it does have some great storytelling and acting. Karen Black nailed it in three different roles over three completely different stories. Anthology horror since then has struggled to meet that standard of storytelling.
This film delivers great stories like it's legendary predecessor, but in a much smoother presentation than the janky anthology horrors of the 70s and 80s. It is western horror with a Japanese veneer, a weird combination that works oddly well here. Well acted, well written, with an excellent framing device. I've watched way more horror than I care to admit but this film still had me stumped at times, trying to figure out where the stories were going. It pulls the rug out from under you multiple times without it getting old or confusing.
It is not a particularly scary film, at least to veterans of the genre, but it is so well written I can honestly say it's the most enjoyable, memorable horror film I've seen in months. I can't wait to introduce it to my wife, who is somewhat adverse to hardcore horror but for some reason insists on watching at least one of this genre come Halloween.
Another praise I have for this film is how the main characters (a bunch of obnoxious zoomers, at least at first) actually grow on you and become endearing. Unlike many anthology horrors, the framing device is actually very well done and I was invested from beginning to end.
In the end I was only disappointed there were three stories (four if you include the framing device) but I guess I should be grateful for quality over quantity.
If you enjoy this film I also recommend Kaiden: Piece of Darkness, and Afterimages, two excellent contemporary anthology movies with an Asian theme.