Now this is tuff for me to choose because unlike other movie genres, I can always find something to like about horror movies, even the bad ones.
Having said that, I'm really , REALLY not a big fan of lost footage, shaky cam movies. POV is fine if it's done well (see the Maniac remake)
So I will have to say:
Diary of the Dead (sorry Mr. Romero, but I can't sit through that movie ever again)