Whatever spider - Saw I was made for very little money, keeps the suspense with very limited sets, and the end still scares the hell out of me. It was really inventive. I love movies like that - Cube is great too.
I've yet to see a "scary" movie really that I liked. They're all more like "startle" movies. Let's make this scene reeeeaally quiet and then flash something on the screen with a loud sound! That'll make a scary movie! Umm, no, it doesn't.