I saw Paranormal Activity yesterday ..
I do not think it deserves the hype. If you don't find it scary, the movie has basically nothing else to offer. It only works on one level. It's a pity, I suspected it might be like that, but I love a good ghost story so I watched it hoping I would get one. There's no real ghost story here and by that I mean there's no real explanation to the stuff that goes on. The harassing entity has almost no substance and no background - it's just there and it does stuff. As a horror film buff, I did not find it particularly terrifying - it is certainly not the scariest film ever made. Far, far, far from it.
I saw the shining afterwards which for me is scarier and has an interesting story. That's a good film .. Paranormal Activity was ****e compared.