It was more or less a teen scare-em type movie, so questionable acting is a given.
It's a really interesting idea, being haunted and even hunted by a dead man who gets you through your dreams. Maybe it's because I've seen so many movies fitting in essentially the same genre but more recently made before seeing this one that it didn't strike me as all that great. Maybe it's just because I'm not a great fan of horror movies.
I must say, though, that the first was far better than all of the sequels.
Also, it's interesting to see just how far Johnny Depp's career has come since then.