This usually isn't my bag (ghosts, found footage, reality, horror, etc) but a friend recommended it to me (with the disclaimer that found footage is his vice), and he has exceptional taste so I went for it.
It was actually pretty enjoyable. It parodies the ghost reality shows really effectively off the top -- super cheesy over-acted stand-ups, ghost fakery, that kinda stuff. It's a slow burn sort of a thing to get to the scary stuff, and most of the jump scares are held back to the last act or the end altogether. The supernatural VFX stuff is also very subtle for a majority of the film, which is far more effective to me.
The last thing I thought I'd be posting about is a ghost found footage thing, but as far as that specific form of scary movies goes, I'm not sure you can get any better than this film. It has some of the flaws I don't care for, like I don't know anything about the characters other than they're in this place and they're stuck there. But as my friend put it, found footage is more like the modern epistolary novel. In that way, I dig it. And I dug this movie. If you're into this sort of thing, it's pretty good.
I've never seen Grave Encounters, so I can't say whether I'd actually like it or not (same goes for the sequel, I suppose), but I see the DVD box art for Grave Encounters 2 every time I go into a department store, and I gotta say, the crappily weird looking CG ghost on the cover is giving me a "so bad it's good" vibe. But I think I'll wait until it's free on Netflix.