Here's what I didn't like:

1) The very, very end is a very blatant and completely dumb attempt to play off of the concepts of The Ring. The movie would have been much, much stronger if it had not gone that route.
2) The pacing of the movie was very, very off. I realize why they did it. It really did help to sort of cement in the mind of the viewer that this WASN'T a movie because it wasn't following the traditional pacing/growing tension of the movie world. I think they could have achieved this with about half of the "dorky boyfriend" moments.
3) I'm sorry, but right about the time I had footage of a ouija board playing itself and leaving a trail of fire? I'd have been submitting that shit to all sorts of people. The boyfriend's "I am the man, I will fix this" stuff is somewhat overblown. How do you fix a flaming ouija board? It is at that moment they should have changed his motivations. He came off as thick and retarded after that point.

Things I liked:

1) No happy ending. While I hated The Ring ending, I love that they followed the idea present in j-horror that the supernatural is something you get the fuck out of the way of, or die trying. No finding a body and burying it in consecrated ground to save the day, no pyschic healing the ghost of their pain, blah blah blah.
2) The shadows. They did a really, really good job of making them immediately noticable and yet not a huge neon sign. When the shadow of a figure bends over the bed (seen cast on the bedroom door), I loved it.
3) The smile. If you watch the movie, you'll know what moment I am referring to. It completely changed the dynamic of the story.