I'll let you know if it's any better after I watch the Rifftrax-ed version.
Note to self and others: even if you don't believe in the supernatural, watching Paranormal Activity will result in your waking in the night and hearing every little noise in the house. And not sleeping. Even if you do not actually believe something is going to grab you or come through your bedroom door, you will still lie there awake, thinking about all the scenes in the film. Trying to turn the thoughts into an educated analysis of the methods each scene used to ramp up the tension does not work.