Don't get me wrong, I love The Ring, The Grudge, and most J-Horror movies with the jerky movement ghosts and tales of revenge.
However this movie seemed to be able to communicate the same concepts that make the Asian ghost stories so intriguing without resorting to all the same clichés. And when they do decide to throw in a jump scene, it is usually not where you expect it or completely out of nowhere.
It is a simple story that has been told over and over, but this adds and Asian twist with concepts such as Hungry Ghost Month and Spirit Money without alienating a western audience.
Overall the story is pretty predictable and that is the only downside to this movie. Once you figure out what is going on, it's pretty much a "which road will they take to the end" as opposed to a surprise around each corner. The acting is pretty decent for this type of flick. The kid actually does a good job - never know how they will do in these.
I would recommend this if you want to introduce some of the elements of a good Asian horror story without all the oddness that is directly copied in some of the other remakes. Many of the concepts of the genre are there without the kabuki inspired movements.