I saw it for the first time about 5-6 years ago, or 15 years after its release, and I was quite underwhelmed, as well. In 1999, it probably felt original and scary, though. Consider the state of horror in the 90s, after all, with most horror being either another bad franchise entry or horror comedy like Scream. There have been much better horror movies since, as well as so many "found footage" copycats, that 'Blair Witch' has lost almost all of its effect. It's too bad, especially since I imagine that it had a lot to do with re-popularizing horror, not just with audiences but with studios who saw how profitable it could be (I recall reading that 'Blair Witch' holds the record for greatest return on investment in film history with something like $250M made off of a $50K budget).