So these guys have been a bit jealous/disappointed by the fact that Blair Witch Project has gotten that popular and accused it of being a rip-off of their movie (that has been released a year before). This obviously has been denied and appart from the occult angle they're not really similar.
In this we watch the documentary investigation of already found footage of some Ghost Hunters-esque team that looked into the Jersey Devil and got killed except for one guy who ends up being prosecuted for their murders (who then died in prison). There is obviously something more to it which is what the documentarian wants to uncover.
Where as Blair Witch actually built tension, this one feels mostly like an episode of a Fact or Fiction show. I found it rather boring and there is a lot of repetition. It later on proceeds to hammer in it's message about media and tops that off with a ridiculous ending.