The first PA film exceeded my expectations. It was scary, suspenseful, and fed off my anticipation.
I haven't seen the second one, regrettedly.
And just a few hours ago, I saw Paranormal Activity 3. Excuse my language, but HOLY SHIT that was crazy. Paranormal Activity 3 uses the same elements as before with even crazier encounters amongst the family. It is a prequel that shows Katie's family when the paranormal activity began. If you enjoyed the first two, go see this one. But believe me when I say it is much, much scarier. It is one of the scariest films I have seen this year; scarier than Insidious. Go watch it, and prepare for an unforgettable journey through the lens of a camera that captured a horrible series of events.