I saw it last night as well, and I currently share the same sentiment (and I apologize as my thoughts will be very scattered).
I say "currently" because my experience last night probably was not maximized. My movie theater's sound was not great, for some reason the ceiling lights were always on (they dimmed when it started but never turned off), and I caught a 10:40 PM showing where... not that I was nodding off necessarily... but that my brain caught higher levels of disengagement as I felt more tired. I'll definitely give it another go at some point, but I'm definitely in no rush.
You're right it was obvious that Wan didn't direct though, and that was constantly in the back of my mind as well. Nothing was shot as competently, not by a long shot. And it may be that I haven't seen some of the other films in a while (though I rewatched 2 a few months ago before I even knew this was coming out), but my memory of the better films in this universe (Conjuring 1 + 2 and Annabelle: Creation) are that they built very evil tension and had effective jump scares.
It's hard to call this one "unrealistic" and have the other films be perfectly acceptable, but you're right that this one had a different level of groundedness that I was having trouble working with. I just don't think the story was as good (the A-storyline was fine, but everything else was a bit eh). Any time it wasn't elevating to more supernatural levels though, I just found to be a little flat. While watching I was fine with how they skipped certain scenes for pacing sake, but now looking back I'm thinking: "Shoot, this movie would've probably been much scarier if they had filmed that moment." And it's not that this one has to be super scary or anything, as The Conjuring 2 uses all of its scares in the first half of the film itself then devotes the rest to story, but I thought it told its story better and its sense of direction strung the audience along well. This one falls into the curse concept, and honestly it just loses my engagement.
Definitely much more underwhelming than the other two films, which I feel unsettled by while watching. This one ran the gamut with having good characters and fine acting, but that was just about it. Maybe a good scene here and there (I enjoyed the first half hour the most), but this one was definitely disappointing... and I neither knew this was coming out nor have I seen anything on it until just seeing the movie.
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