Watching this film drove me mad, as if I had been drawn into a sound experiment without my consent. A nice idea, but overdone.
On the one hand, the sound effects and noises are clearly too loud, while the dialogue is at a moderate volume, and have crossed the line from appropriately affecting your mood to becoming a serious irritation. If the magic that makes you uncomfortable is only due to the noise and not to the coordination of sound and image, can you still attribute the magic to the film and claim "yes, you are annoyed, and that is what this film is trying to achieve"?
On the other hand, the story is rather stagnant for most of the time, not developing or unfolding to inform the audience until the final revelation. The only trick it relies on to build suspense and manipulate the audience is to make a fuss by withholding information, which is slightly improved when the recording device comes to light, finally giving the plot some solid momentum.
The trick on which the film hinges is a bit sly, at least in my opinion.