Saw this for halloween after it had been knocking around in the back of my mind for a while. I thought I'd share a few thoughts.
It felt very much like a first effort from a new director. The pacing was all over the place with the beginning having scary music playing over innocent setup scenes. There were too many scenes as well with things being included just because they were shot rather than a more experienced director who would know how to pare down a film to its essential core.
However the plot is effective, the actors really sell their parts and the mythology the film presents is both disturbing and entrancing. The fact that Lawrie Brewster, the director, has continued to use it in his sequels shows an understanding of the film's strengths and has me looking forward to The Black Gloves, a sequel that came out this Halloween and will feature the Owlman again.
One more thought, the antagonist setup in the film was beautiful. the Owlman isn't the monster lurking behind the curtain, his reveal isn't all that dramatic. He's a more haunting figure that shadows the main character's footsteps. He's also a complex character in his own right. When the other antagonist starts haunting the main character with a gleeful malevolence it is the Owlman who provides guidance end the haunting.
Overall thoughts on this movie, flawed first effort but worth a watch and my kind of horror movie.