I watched it on Veoh with English subtitles.
It was pretty good overall. Certainly a hell of a lot better than Diary of the Dead.
After watching it however, I can understand the need to remake it for American audiences. After Cloverfield, there's too much shaky-cam in [REC] for US audiences to put up with. Also, the main character Angela's yelling and whining gets quite annoying after a while. There are also a few too many scenes where the camera goes totally blurry, and that kind of thing tends to piss off your average American moviegoers after they shell out $10 for a movie ticket.
That being said, [REC] is still a very tense, bare-bones suspenseful horror flick and is worth seeing for any horror fan. Where Cloverfield was Blair Witch-meets-Godzilla, [REC] is Blair Witch-meets-28 Days Later. There are plenty of jump-scares, but there's also genuinely creepy buildup and claustrophobic tension. Great stuff.
The Americian remake would hopefully be smart enough to retain such great imagery as the old woman shrieking through the hall as she attacks, and of course the awesomely creepy, emaciated "patient zero" shuffling around in the night-vision camera viewfinder. Unfortunately, most remakes seem to have a hard time figuring out what to keep from the original versus what to improve on, so I'm not optimistic.
