"The Blair Witch Project" is one of the ballsiest movies in decades. With the acception of "Psycho", I would call it the greatest horror film of all time.
How many dozens of movies come out every year about teenagers with big titties running from the invincable bad guys with huge knives?
Blair Witch is a much needed refreshment, because what scares you is not some hollywood makeup creation, it's what you can't see that scares you. For once, imagination becomes the fear factor. What you can't see is far more frightening that what you can see.
Unseen evil making noise beyond their campfire was very disturbing. This is one of the greatest movies ever made.