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When I first watched The Exorcist as a teenager, I too was a little underwhelmed. This was a phase I was going through in which I was watching as many horror movies as I could. I think I had just expected more from the acclaimed movie.
Now, 15 years later, I realize how good this movie is. Like the poster's above and the actual review, the movie's strengths are not the gore and blood and violence - it's the space between. The quiet unease, the standout performances, the foreboding feeling that weighs down upon the viewer. It's a great way to spin a horror tale.
I think what gave The Exorcist so much impact was the time period it was made. You put out The Exorcist in the 3-4 decades after and the impact is gone. This was 1973. Audiences were not prepared for this type of film. Like James mentioned, it put people into therapy. Two years later, Jaws would do the same thing.
Jaws and Star Wars created the era of Blockbuster movies and things would never be the same again (in general).
The house that The Excorcist was supposedly shot in, still stands (the external shots, including the stairs) in DC. It makes for a fun side trip when in the DC area.