Recap Q&A: Do You Like Found Footage Movies?
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Regarding "found footage", mockumentary and other names - I think it's a valid format for making movies as long as some stuff are kept in mind: Since you are discarding several production values such as soundtrack, photography, sound and special effects (mostly) among some others, there are other factors that will have to compensate for it - such as plot/story, autenticity in on actors and acting, etc.
I don't know if it'll ever reach the status of other genres, as it kinda relies on novelty factor (meaning that too many found footage films at once might hurt the genre itself), but it's all good.
Some good keywords to search, look for and learn a bit more about it (starting with Wikipedia) are: Exploitation film, B Movies and I specially recommend Dogme 95... those are not exactly or specifically "Found Footage", but they are all more or less related to low to almost no-budget productions... :D
Most successful endeavors on the found footage genre are bound to fit somewhere into those.