I saw it about ten years ago and wanted it to scare the hell out of me. Unfortunately, I had already seen 'Repossessed' with Leslie Nielson so I kept expecting him to pop up at any minute!!!
Seriously though, for the time it must have been really scary. We're used to blood, gore and ghost films now so the impact isn't as great for people who watch it for the first time.
I still think that it's quite disturbing though, and proof that you don't need modern effects (or a load of screaming teenagers) to make a horror film - the old ones are the best!