Is This The Scariest Movie Ever Made, Or Simply Great PR?

Paranormal Activity is getting a small re-release this month, prompting rave reviews. The fake home video flick is being heralded as one of the best scary movies of all time, but is it just hype?

The latest trailer:

An older trailer:

Horror blogs generally support this movie's overall spookiness. Last year I asked Uncle Creepy of Dread Central what the scariest movie he had ever seen was, and without hesitation he said Paranormal Activity. Bloody Disgusting says it's one of the scariest movies of all time, and Fear Net supports it as well. It's got a 100% rating on Rotten Tomatoes, but then again it had a very small opening.
So I'm very excited to see this film returning to theaters on September 25 (see cities where it's showing below(. But when something starts to generate this much hype it starts to sound like too much of a good thing. Is this film really the next Exorcist?

Cities where Paranormal Activity is showing:

Austin (Alamo Draft House)

Seattle (Neptune)

Ann Arbor, Michigan (State)

Durham, North Carolina (Southpoint 16)

Baton Rouge, Louisiana (RAVE Mall of Louisiana 15)

Boulder, Colorado (Cinemark 16)

Columbus, Ohio (Studio 35)

Orlando, Florida (AMC Universal Cineplex)

Madison, Wisconsin (Marcus Eastgate 16)

Santa Cruz, California (Del Mar 3)

State College, Pennsylvania (Premiere College 9)

Tucson, Arizona (El Con)

Lincoln, Nebraska (Ross Media Center)