Mmmmmmmmmeh.
Okay, opinions will differ, YMMV, etc. And much of what Jim says is true. That said, I saw Blair Witch 2, and, no... it really isn't a good movie.
Part of the success of the original "BW", aside from the relative novelty of the whole "found footage/shaky cam" technique at the time, was that it felt like it was united by a certain underlying logic, inviting the viewer to put two and two together and horrify themselves with their conclusions about what didn't need to be explicitly said, their mental images of what didn't need to be explicitly seen.
Remember that shot of whatshisname standing in the corner...? Like that.
Movies like "The Faculty" work to some extent because they know what they've got going for them- in the case of "The Faculty" itself, I would argue that would be a) a recognizable, better-than-typical cast kind of slumming it and b) a certain knowledgeable "wink" of awareness at its own tropes.
"Book of Shadows" essentially traded in that kind of cleverness in favor of the trump card of being connected to "The Blair Witch Project"- and then failed to capitalize at all on what made its predecessor work, spoiling its own hand.
That twist at the end? How do I describe it while trying not to spoil anything... It basically sets up a mass case of "Unreliable Narrator", and pretends that's an explanation. It's a bad sign when your response to a twist is not, "Ah!" but, "Seriously?" The original "BW" spelled out far less of what's going on- and in the process, made more sense.
So, that's the cleverness that was supposed to set it aside from the rest. And it isn't clever.
To say there are worse horror films than "Book of Shadows" is certainly true; there are plenty of horror movies that are incompetently shot, badly lit, make even less cohesive sense and have utterly incompetent actors. But the genre is packed to the gills with dreck, and a barely positive comparison with dreck is faint praise indeed. Even still, there are better offerings in horror, even in the decade of "Book of Shadows"'s release.