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Finally saw The Outwaters last night. Probably the best "found footage horror" I've seen since the original Blair Witch Project. Recommendations are welcome, I haven't seen that many.
Negatives would be the very slow first act, especially because the relationship dynamics between the four characters are established for 25 minutes with no payoff. With the way it develops the four people could be perfect strangers for all it would impact the plot.
Positives are, setting aside its relentless cosmic horror mysteriousness and ultra-graphic thrills, the cinematography and sound design are incredibly good, especially for this subgenre that typically sticks to dry and purposely amateurish film structures in my experience. The endless beauty of the location and the experimental whimsy of the filmmaker come together to create a fucked up descent into hell that I couldn't take my eyes off for a second.
There are parts of this film that are burned into my mind now, which is not something I can say for a lot of other newer movies.