Strictly as fiction? No. Blindly believing the background information? Yes.

Rating: 8/10 (21 May 2000)

The Blair Witch Project wasn't a bad movie at all, even when it clearly looks like one at first sight.
If I'll just take the move and see it as a movie, I probably wouldn't pay for the ticket. But seeing all of the background content (from the web site and so on) and then seeing it again thinking it really would be a documentary from the heart of horror, I can definitely recommend it.
It's not a great movie in itself, but if you go to see it and think "OK, this was what *really* happened", it's a really chilling experience.
As many others have commented, you don't need a huge special effects budget to make a chilling horror movie.
As far as plot goes, it's not too creative - but the end was satisfyingly suspensive.
This movie is best experienced in the middle of the night in the middle of the forest, so go buy a portable TV and VCR. A campfire horror tale for the 2000's! =)