Based on the story by Ambrose Bierce. The adaptation mixes in a dose of Rashoman and a dose too much of soap opera. So, another potentially scary idea is squandered... Furthermore, there's a problem with the story that is caused by the new material. The variant versions told of the death of the man, whose horribly mutilated body lies before the witnesses, covered only by a sheet (Interesting Bierce chapter heading from the story: "A Man Though Naked May Be In Rags") seem impossible to explain. And the rural coroner seems to have done a very thourough and sophisticated autopsy if he can not only rule out drowning but also snakebite... Not that either would explain the mutilation of the corpse.
Interestingly, the electronic sfx used to suggest the presence of the unseen Thing is slightly better than the one used in The Horla.