Well that took a while but I can now say that he is back. I think this is the kind of film where he thrives– low budget, small and intimate domestic settings and a smaller scope. It has echoes of Signs, The Village and The Sixth Sense. I see that critics are comparing it to The Conjuring and I would agree to an extent yes, it has the same level of information withholding.
It's amazing how this film manages to be so wonderfully terrifying without the use of much cgi or special effects. A couple of points in the film I yelped and let out a nervous laughter (and I'm a tough guy).
M. Night Bashers will continue bashing this film but I feel this will stand the test of time, much like his best films. I hope he keeps this up and makes two or three more of these 'small' films quickly and then perhaps, people will eventually forget his larger failures.
I say, watch it. If anything, it's a fantastic lesson in directing horror through restraint.