Yeah that's the thing about it. It's trapped in the "true story" mold so much and it so much wants to pull of that angle that you're not really going to get anything extreme, hence the edited endings now. That's why after the Blair Witch, these sort of movies are never really any good because you can only pull that off a certain number of times. It was really nothing new.
If you've ever seen "An Unknown Encounter" that scared me more than any movie like Paranormal Activity will. Because those are real people scared to death about real incidents and not knowing why things like blood is oozing out at random places in their house, or how the hell this happened:
It's about 10-15 year old documentary that disturbed me more than any recent "horror" movie.