This is an incredibly difficult film to explain without spoilers, but I'll try.
So this old guy is in an asylum. Apparently, he once made a horror film that he's obsessed with and his new doctor is going to watch the film with him against the advice of his old doctor. As you can guess, it doesn't go well.
Years later, a cinema is going to show that film as a midnight matinee for horror fans. Guess who shows up?
Ok, there are some huge holes I'm leaving out due to spoilers, and I can honestly say that whatever you're thinking those holes are, you're wrong. (Small hint: Think less "Michael" and more "Freddie".) This film does bring an interesting concept to the table, but it's not executed as well as it could have been.
The killer wears a cool mask, but it reminds me of the mask in Behind the Mask: The Rise of Leslie Vernon. He also has some interesting rules. Not rules like "Stay off the grass", but more of what he can and cannot do and how to avoid him or hurt him.
However, those same rules will bore you in the later parts of the film, because...well, let's just say that at some point it gets boring watching piranha eat goldfish because the goldfish CAN'T win. That's right about when the film introduces you to new rules and it gets interesting.
The bad part is they take it a step too far. There is one moment (at the end) where you will groan. It's a total and complete cop out. I can't discuss why here, but trust me when I say that the development team feared doing one thing in the film, and may have realized that they wrote themselves into a corner with the bad guy. Thus, the cop out.
It also didn't hurt them that it sets up a sequel.
I also didn't like the pacing of the film. Once the action starts, it's too fast.
If you're a horror or indy fan, rent it. If not, you can skip it.
5 out of 10. (I'm giving it credit for the concept and for being an indy.)