I was skeptical about the validity of the "real life" portions of the movie. Hey, I remember when The Blair Witch Project pulled the wool over my eyes. I wasn't about to let it happen again. Needless to say, the movie is entirely fiction. There is no real life Dr. Abby Taylor and the movie wasn't even shot in Nome. (It was shot in Bulgaria because it's prettier than Nome.) Since the movie pretty much revolves around you believing that this stuff really happened to people (the movie starts off with Jovovich speaking to us out of character about how this is a dramatization of real life events and that real life video and audio recordings will be shown), it's difficult to get invested in the characters. I spent a good portion of the movie waiting for the big death scene. In case you didn't know, the movie is rated PG-13...there isn't a whole lot of really scary things that happen. It's mostly sudden screams and things like that. I think that the movie might have been better if they went for the R rating and added a bit more blood. Not necessarily exploding head type things, but maybe some severe nosebleeds or bleeding from the ears.
If you can suspend your belief for awhile, it's not really a terrible movie. There's some interesting side-by-side video comparing the "real" footage to the "Hollywood' footage. Granted, it would have been better if the grainy footage was actually real footage instead of video that was separately shot by different actors. Overall, I just found it bland and uninteresting.