Despite giving the impression it might go down a similar path to 'Oculus' and 'The Haunting' (the original 1960s one), among other films, where it is ambiguous as to whether the supposed supernatural element is actually real, 'The Babadook' exists properly within the film. Though I'm sure you could make some claims and arguments against that. It probably doesn't really make much difference in the end, as the Babadook would mean the same thing either way. Which I assumed was some kind of manifestation of the stress Amelia (the mother) had. After all, with a kid like that who wouldn't be losing it. If you look at it like that, it makes a watchable drama.
As a horror, however, there wasn't much to scare beyond a couple of creepy scenes. Which was a bit of a let down after seeing the positive reviews. It seems that have to resort to horror video games to get my fix of being terrified (which usually comes with a bout of intense swearing).
It is at least a decently made film (it still, however, can't avoid the not scary silliness that comes with the territory) and though it may not satisfy as a horror you can still find something in the part about the mother trying to cope with her son. Yet, overall, I couldn't see what was so special about the film.