First of all: do not let anyone tell you this isn't scary. I was terrified. I am a wuss, but really, I was terrified. And it seemed like it wasn't just me - there were plenty of gasps and screams and curses in the theater.
Aside from that, though, I thought this movie was quite good. It was old-fashioned horror, very atmospheric, and full of gorgeous old houses and clothes and creepy creepy toys. It was a good transition into adult roles for Daniel Radcliffe, and he did a great job and made me very optimistic about his career prospects. Ciaran Hinds and the rest of the supporting cast did a nice job as well. I would have loved this movie had I not been looking away from the screen half the time because I was scared out of my mind.
(Random trivia: IMDb tells me that the young actor who played Radcliffe's character's son is in fact Radcliffe's real-life godson. Aww.)