Just got back from from a matinee. A bit rushed so I'll add more later.
As long as you dial down expectations (ie - don't believe Knowles review), it's a damn fun horror film. There's a good amount of humor sprinkled throughout thanks to the clueless cameraman (named, ironically, Hud), but the tension is there in all the right places.
And you DO see the monster. You never see a full master reveal, but you get enough bits and pieces (often in big chunks) that by the end of the film you should have enough to get an accurate picture in your mind.
Two, no three, warnings, though:
1. It's a short film - about 74 minutes. That was enough for me, but I can't speak for others.
2. Shaky-cam is prevelent. Again, not a problem for me. And the handheld conceit carries through to the end, which is a bit abrupt (ala Blair Witch) as a result.
3. It spends about 20 minutes in the going away party. It's fun, but may try the patience of those waiting for monsters.
And if you like good film scores, stick around for the credits. The theme is awesome.