Eh, sort of, it has its moments.
Its supposed to look like an ameteur camera man recorded it on a cam corder.
and its supposed to look like it was a messed up recording(it flicks back and forth from what the main event in the movie is to what had happened on some morning beforehand, and at the fair of some sorts), and was hidden by the FBI, and that it was the 361st, or something like that, incident in which something like what happened in the movie happened.
I'd say the most thrilling moment in the movie is when the original cameraman is killed and somewhat devoured, but it keeps going, since his buddy picked the cam corder up and ran.
Its a great movie