I felt it was a letdown also. They really failed to make use of a great location. And the box cover has way more late-night 80's horror atmosphere than the whole film. Pretty much crap IMO.
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This film was good in places. I thought Michael Ironside did a convincing job as a psycho. Overall, I didn't find this as predictable as some of the other slasher movies.
There were a lot of slasher films released during this time, I thought this was one of the better ones. I think your not keeping in mind just how many really bad slasher movies that were released during this time.
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This film resonated a tone and plot structure somewhat different to most slasher films, sort of like April Fool's Day (1986) and Fade to Black (1980). The archetype of the "masked, maniacal" killer tends to grow worn out after a few movies, though, some exploits have been able to to change course for the better (or worse).
For this movie, it's mostly hit and miss. The acting is very competent compared to most horror movies, given the actors/actresses involved. There's also an underlying socio-political theme.
Also unusual in this movie is that all of the action takes place in brightly lit rooms. Even when the nurse was tracking through her home, she was actually turning on light switches before she went into rooms, as opposed to the usual slasher cliche of victims walking through a pitch black house just waiting to be attacked by the killer in the shadows.
Even psycho killers need light to see what they're doing!
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I agree that there are far better 80s horror movies, but however I still thought the movie was pretty enjoyable. I really enjoy Michael Ironside's performance in the film. His character really kept my interest throughout. It wasn't the best, but not the worst either. I would give this film at least 7 out of 10.