Really good modern horror movies seem to be far and few between these days IMO. They're out there, but there's long periods of time between what I'd consider to be really good ones.
The Exorcist comes to mind as a genuine horror flick. Perhaps The Ring. The first Amityville Horror was well done.
But I agree a lot tend to be campy schlock slasher fests with a bunch of dumbass college punks meeting grisly fates.
I think most directors have no sense of building suspense with the audience, or how to effectively make use of the viewer's own imagination (something Hitchcock was a genius at).
My
of course.