You can't get rid of the Babadook...
I just finished watching this film this morning. I always watch Horror/Thriller films when no one is home during the day - it's actually enhances viewing and is a lot spookier. This film is good. I cannot rave about it, since I was not that scared. But I should add that I'm pretty inured to horror/thrills because of my extensive reading history and most particularly, because of my familiarity with the concept art industry, which is where designs for the monsters in these films come from.
I do recommend it though, because while it did not really scare me at all, I did not outright *laugh* at it like I do at nearly every other horror film out there. It's a metaphor anyway - I don't want to spoil but it's not a physical creature, it's very apparent that this is the case.
There is some heavy handed design aspects to the film and some overused tropes, which could be merely because of the inexperience of the team, it's hard to say but it was obvious and a bit of a sledgehammer. But I didn't mind too much, it's just something I noted. The acting is spectacular and I was entertained!
(And just as an aside, I think the drawing looks similar the DC villain The Penguin, which probably removes about 90% of the horror. Someone probably should have told them? lol Even in the film it's just more ridiculous than frightening. I think at this point the caveat needs to be that what we humans do to each other is far more horrifying than some bogeyman.)