If you haven't heard about Paranormal Activity yet there's probably a reason. It's a small horror film from 2007 and it's recently received a very small release. It was written and directed by Oren Peli, an Israeli-born video game designer, who was formally untrained. The movie was made for only 11 grand which is pretty amazing the movie has grossed to date around 84,000 dollars. But it has a growing underground following and with the demand feature, which allows you to demand a screening for you city, you'll likely only be able to see it by doing its marketing for it. This is a pretty interesting business model from Paramount and I really hope it's successful.

As for the movie, I'm curious to see if it will be anything like the Blair Witch Project, which had a similar stylistic and marketing vibe.
***Spoiler***
The trailer gives quite a bit away. So don't watch it if you want to wait for it in theaters.