Yeah, it's all that and a bag of chips. Like, the best gourmet chips you've eaten in a long time. Since this movie has already been reviewed by four members of Horrorthon, I'm not going to get into plot details.
All I can really do at this point is echo what has already been said. The images and feel of the movie are superb. It is creepy, tension-filled and has some great "jump" moments. It is also - as Landshark mentioned - exceptionally well acted. Belen Rueda is amazing as Laura, the woman who will do anything to find her missing son. Even play with the dead. (One of the most tense and scary scenes, in my opinion.)
On a side note, desroc and I went to see Pan's Labyrinth, which was directed by Guillermo del Toro - producer on this film, on one of our first "dates" after Maggie was born. It had been forever since we had been to the movies and I had heard great things about Pan's. Needless to say, although beautiful, it was perhaps not the best film to see on our once in a blue moon night's out. It's not exactly uplifting.
I enjoyed The Orphanage more. Not only for the success it has as a horror movie, but also for the way it is a moving story about dealing with the terrifying notion of your child disappearing. It effects you as a parent, but not in a way that is too much to take. Seriously, see this movie!