I'd have to put in votes for other films mentioned here, and while Candyman certainly isn't up there with the best, I really enjoy it (and watched it again last night, hence my mentioning it, lol).
I think it's a great little film. Tony Tood is superb as the villain, Virginia MaRABen a really great choice for leading lady in a horror film and while it might have been played around with from source material to film; I think the changes to the story are brilliant, really fit the American setting and serve the story so well.
There's some really upsetting scenes in there too, in the sense they really make you feel for the lead character. The scenes were she awakens in the young mother's apartment with a meat cleaver in her hand, blood smeared across the place, a missing baby and a beheaded doberman is horrific, as is the murder/framing of Virginia MaRABen where her best friend is murdered whilst she's out on bail and under house arrest. One of those really gruelling films where the central character is put against it.
I think the endings pretty nifty too... horrific, and ... not great for Virginia MaRABen, but a tidy ending to a real gem of a horror film.