I'm with you on that one, although I did appreciate the film more when I saw it a second time. When it originally came out, back in 1999 IIRC, it was billed as the scariest film ever. I didn't want to see it at the cinema because I had no-one to hold my hand (seriously!) and waited until it was shown on TV. When I finally saw it, I was totally underwhelmed: it was no more than a bunch of whiny Americans running around a wood swearing a lot! In fairness, because I was watching it at home (recorded on video - this was before the digital switchover) I chose to watch it in instalments over meals and the like, without giving it my full attention. I think you do need to engage with the film more fully to appreciate it, because it's of relatively short duration and if you miss certain scenes the characters' reactions make little sense.
When I saw it the second time it was at an open-air screening in a wood, which helped immensely.