Just seen it tonight **Spoilers ahead**
I loved the first one anyway btw. Mmm this wasn't bad, not as bad as I thought it might be anyway. A sequel certainly sounded like a very dirty cash-in. But at least this is no Blair Witch 2: Book of Shadows.
It's main problem for me though is there just aren't enough of the "creepy-oh-shit" moments that made the first film great. Yeah there are a few that make you jump and there's one great bit that's freaky as hell. But overall it could have done with some more, most of it was just nothingness.
Also it ends far too abruptly...
So overall basically it was what I had hoped for and mostly expected- not bad but not as good as the original.
It wouldn't surprise me at all if there were a third one out next year.