Bailish at 2011-08-07 19:04:30:
I think one thing missing from the formula is relevance to the viewer. Different people are more terrified of different things, and so the scariest horror movie will be the one that plays on a particular viewer's personal fears.
After Jaws, how many people stopped swimming at the beach? Lots.
After Halloween, how many people stopped going Trick or Treating? Lots (arguably related).
This is one of the things that I think makes The Shining less scary for me. How often is a person trapped in a haunted hotel in the off season as the wife of the caretaker? I was concerned about the woman getting out, but it didn't change my behavior in the least.