If you've been exposed to the original Gothic text by Poe, then this film will make more sense than if you haven't. And while this isn't exactly 'The Fall of the House of Usher', it is mimetic in tone and spirit. The film has all the Gothic elements which give it a sense of the uncanny.
The actors are good at maintaining a sense of uneasiness, the script is sparse and the direction is very good-the director obviously understands the source material. Notably, the house itself is an Uber-stylish panopticon which compliments the atmosphere perfectly. One niggle, here, though, is that the house isn't quite as strong a character as perhaps it could have been. But, saying that, this was probably a deliberate directorial decision-given that the director is well versed with the source material. However, it is the music and sound design that keeps the tension high throughout. Both have the effect of being unsettling without being over the top.
If you like Poe, or you love the Gothic-style, then this is a good film-and it certainly doesn't outstay its welcome at under 2 hours.