I finally got to see ELF last night, and had a really great time. I thought it was an homage to the old big bug movies without being smug and "Scream"-ish with the pop culture winks and all that--just a fun flick all around.
That said, it started out a little slow for my tastes--took a little too long to get to the bugs, imo--but once they giant bugs attacked it was a roller coaster and didn't let up. The jumping spider/motocross chase scene has to be one of the best man v. beast sequences EVAR.
I also have to admit the "cartoon voices" of the jumpers kind of got on my nerves sometimes, but other times they were funny and effective. Doug E. Doug's paranoid rants were great, and even David Arquette managed not to be annoying.

I also kind of dug the fact that there were no incidental heroes--once the spiders got you, that was it, nobody's coming back for your ass, sorry bud. >

And the spiders, while funny, were also vicious and menacing.
The cat's face in the drywall was a bit over the top, but hey, it's a giant bug movie. It was fun, I liked it, thumbs up.
One thing though--the science geek in me has to say it--wouldn't the tarantula just be eating all the other spiders as well as the people? The spiders were like an organized army, when in nature they'd be eating each other as much as chasing the people.
I know, I should relax.

Fun movie, go see it.