I found this to be pretty enjoyable. I could see how people might be frustrated by the uneven monster and gore effects. Sometimes they're pretty good, and sometimes (particularly when they show too much) they're pretty cheesy. Given how much of the movie is composed of nightmares, or nightmares intruding into reality, the way things look can be blamed on the dreams.
The story isn't clear from the start, since the movie starts off with a dream within a dream (or maybe even a layer or two beyond that). It becomes clear that the main character, Ben Dobbs, is a college student who after years of not remembering his dreams, is now having a series of nightmares. Each one picks up where the previous left off, more or less. He finds that when he tells people about his dreams, they start seeing them too, even when they're awake.
There's one dream sequence involving someone going into a basement, and finding a figure facing the wall in a corner, and then the camera retreating in a shaky hand-held fashion that I wonder if it influenced a certain other movie....
The video box claimed the movie was inspired by H.P. Lovecraft (though not based on anything by him specifically). I can sort of see that, with some of the stories of his that deal with dreams, and also his poetry. There's a poem recited in the movie from which the title comes.
I liked it and I'd be curious the see the DVD which may be coming out this year.
