As usual, there's a decades-old backstory that's gradually revealed over 100 minutes or so, in this case dating back to the bad old days of Japanese occupation. The main character is a single mom who may or may not have done away with her asshole husband. She lives alone with her tiny daughter in a dingy apartment across the street from a haunted subway station (where she finds the shoes and thus embarks on her harrowing journey). It's a fairly outlandish premise that nevertheless works. I had my doubts at first; things were moving pretty slowly and once or twice I considered bailing. However something about the film held me, and I found myself gradually sucked in (although the pacing is a little uneven throughout).
I would really only recommend this film to folks who are really into Asian horror. It might be a bit too bleak and/or slow for your average film goer. Still, worth a look I think.