It's pretty short, as I said before, but Norman Reedus is pretty good in it, and it kind of reminds me of that Johnny Depp movie, The Ninth Gate. The plots are sort of similar (an expert is commissioned to find an evil version of something, with results that backfire, involve angels, evil, etc.), but unfortunately, The Ninth Gate is just a better movie. Cigarette Burns isn't terrible, by any means, though.
It's worth a watch if you're really a huge fan of John Carpenter. It has some interesting ideas in it, but I feel that they could have been developed more (the majority of the movie is about finding the film, and some creepiness and hallucinations), and maybe I'm just a little weird, but I wanted to see him screen the cursed movie for an entire audience and watch them all go crazy. I do like the idea and its inherent question: Filmmakers have much power over the imaginations of their audience. What if a director made a movie that would harm its audience on purpose?
I give it two accursed demon-films out of five, or two creepy wingless angels out of five.