First of all, it's definitely not the best horror film I've ever seen. It's not going to win any Oscar's or leave you gasping in awe. However, it's certainly not a terrible as some of the reviews suggest.
It holds your attention and has some great jump scares.
On the negative side, I'm a huge fan of the insidious movies, but this just doesn't feel like it belongs with the others.
The plot isn't terrible, but the college scenes are a bit cheesy, overacted and stereotypical. The whole sorority thing has been overdone.
In short, as a stand-alone movie this is fine. A solid 6/6.5. It just doesn't have the insidious feel for me.