I really have only one minor criticism against the movie that's really not any fault of its own: I'm kinda getting tired of seeing a creepy old lady as the antagonist in horror movies. It's getting old (pardon the pun). After movies like Wan's previous ones (Insidious, Dead Silence) and others like Drag Me To Hell and The Woman in Black, and way more that I can't think of right now, it seems like creepy old ladies are the only thing that's scary. For once I'd like to see either a flat-out demonic monster, or just a nebulous dark form that leaves more to the imagination.
That aside, I thought this movie was awesome! It was really well-paced (though at times it did feel slow), it had a great soundtrack (with effective use of silence vs extra-loud noises and music), there were really cool camera angles and shots, and most importantly it was suspenseful, creepy, & freaky. Great, clever use of the unseen and seen too - some of those "unseen" moments were truly hair-raising. One that comes to mind is when the cloth on the clothesline flew away and for a fraction of a second settled on the form of some thing while still in mid-air. That part was epically freaky!
The acting was top-notch all around too, down to all 5 daughters! I can't think of any other movie that's had that level of acting from five young girls! Each one of them played their role really well and truly sold their emotions. And they totally played off each other as sisters convincingly too. It was just a small minor part of a scene but I thought it added a lot when the oldest daughter picked up her sleepwalking sister and put her into her own bed and said something like "ok you can sleep with me tonight". Because usually in horror movies, it seems like siblings rarely get along with each other, but just a minor thing like that humanized the family and made me want them to survive, instead of making me want them to get offed by the evil spirit.
This movie was so well-crafted that I want to see it again in theaters, maybe even a 3rd time, and I rarely want to see horror movies more than once. I have to hand it to Wan, this is his best horror movie yet and I hope he does more of them. Though with hopefully not another creepy old lady as the antagonist.
The final scene of the ending annoyed me just a little bit though. It left too much to the imagination for me. I wanted something more to happen.