To expect anyone to match the 'uniqueness' of the original Blair Witch is a phenominal ask indeed. The 'original' Blair Witch was just that.....an original, and you do not duplicate originals.
The challenge in conceptualizing such a plot is huge, since the 'reality' element (or as some would prefer to call it 'mockumentary' element) could no longer be duplicated. I think it was a clever idea to point a finger at the first movie and distnace the plot from it considerably, along with the manner in which the movie was executed. Nevertheless, the movie manages to stay true to the essence of what made the original a success, i.e. the eerieness and creepiness. The Blair Witch series is not about blood and gore in your face, its about leaving the horror to your imagination: afterall, what could be more scarier than the imagination itself. The movie will coax you and guide you into the shadows and fears of your mind....and you will love the movie for it!
With reference to the special features, the 'Secret of Reverse' is an interesting piece, and will engross the willing into delving even deeper into the cult that is the Blair Witch.
If you liked the original because you thought it was a 'true story', then skip the sequel. If you liked it for its 'originality' and ability to scare in the absence of blood, gore, a soundtrack and the works....then yes, go for it!