I finally got time to watch this movie. I ordered a German special edition blu-ray a way back but was too busy to see it until now. A negative feedback that this movie got from various sources seemed to affect my mood for watching it a little bit too much which really was a shame.
The movie itself was a little bit of a mixed bag. First 1/3 was actually quite good in terms of story and killings. In fact the actual murders were quite innovative throughout the movie. I got flashbacks from various Argento and Fulci movies throughout the film with both the style and methodology aspects included.
After a one third to first half of the film the direction and the script seemed to fall apart a little bit. The naive Argento inspired escape from the club was fascinating and boring at the same time and the plot seemed to degenerate after the movie went along. However: The latter part of the movie got me flashbacks from Argentos Tenebrae so it basically went from tribute to tribute within the movie in decades (I loved Tenebrae btw).
I really appreciate the directors effort to tribute some earlier giallo directors and movies. In my opinion some reviewers have focused too much bashing the protagonist skill of English using it to take the movie down (It really didn't mind me very much).
If you like horror and giallo in general this is a movie worth watching. IMDb users seem to be harsh with horror in particular so don't let the overall score fool you.
BTW: The "blue/red pill joke" at the end made me grin :)