I saw this last week after picking up the DVD cheap. I had wanted to see it for ages, finding the plot outline very intriguing. So my disappointment was great, to say the least. I thought the lead actor was very flat. This kind of part required a performance like Johny Depp's in The Ninth Gate (of which this is almost a complete rip-off), but I guess TV budgets don't always stretch to this kind of acting ability.
I also the thought the direction was confused and dull, serving only to remind me that Carpenter hasn't done a decent movie since In the Mouth of Madness. As for the story - well, I was disappointed there as well! There was no way it could meet my expectation I guess, but I thought the payoff and explanation was poor, and the way he finally got the film anti-climactic to say the least.
This was written by one of the main contributors to AICN, and you can tell he does love his cinema, but I would have liked a better result from such a good initial premise.
I took the DVD back to the store the same day!