I didn't find it absolutely terrible, but it is pretty bad. The script just felt rushed, and there were several blatant plot holes. A lot of the film was just plain stupid, like:
WTF were those spindly Sadako "monsters" with 2 long legs or whatever? That shit looked ridiculous!
I could tell there were a lot of 3D effects...which would probably look great in actual 3D if it were an option.
Apparently there is even a sequel being made to this one: http://www.imdb.com/title/tt2440362/