Anyway, I just saw a midnight showing of it and I was very impressed. The handheld style was a bit nauseating for the first 5 minutes, but after that it didn't really bother me. Probably the best suspense film I've ever seen, I mean the story line was nothing too original and there were some cliched and easily anticipated moments, but the chaotic atmosphere and realistic characters really gave it a sense of realism I don't think any other movies on the subject could ever achieve.
It isn't the kind of movie I could watch repeatedly, since so much of it is wondering what will happen next, and being sucked in to the eye-witness realism of the whole thing, but it would probably stand up well to a second viewing just to pick up on all the things I missed, since so many shots were so quick.
The rest of what I want to say would probably go best inside a spoiler tag:
I think that the deaths in this movie (I'm talking main character deaths, not background casualties) were much more well done than in most others. Since it's all supposed to be real-time first-person there isn't really any preparation for them, the camera doesn't linger and there isn't really a satisfying definite conclusion. People die quickly, and the other characters have to cope with that quickly while also trying to preserve their own lives. I found one death to be particularly terrifying, in the sense of complete helplessness that it evoked, both for the victims and for the other characters. It's a shame that it was spoiled somewhat by the trailers.