This is almost as bad as Cello; equally derivative, but slightly more involving and with much stronger imagery. I looked at the checklist of films that Cello cribs from and The Red Shoes also takes elements from every single one of those movies as well, except substitute music for dancing. Allow me to repeat myself: Ringu (black-haired girl ghost), Tale of Two Sisters (entire aesthetic sensibility), Phone (past rivalry gone sour), The Eye (plot with heavy musical themes), Dark Water (devotion to the daughter), Acacia (disintegration of the family unit), or even Suicide Club (remaining weirdness factor).
It looks much different from Tale of Two Sisters, but Lee Byeong-Woo composed this so I count that as a similarity as well. His work here, by the way, is fine - not as strong as his seminal work in the former film, and awfully showy, but there are some real highlights. He needs to keep the organs out of his compositions, though. Baaaaaadly.
Anyway, this was vaguely involving if only for the lead performance - Hye-su Kim doesn't do "wild-eyed horror" very well, but her quieter emotional moments are strong and she pulls off her breakdown perfectly in the final act of the film. The child actress is good as well, despite the fact that her character is an unbelievable brat - even before the shoes are introduced, she obviously deserves a spanking. They play off each other well and I read a summary of the director's commentary about how they interacted that impressed me. I will also give The Red Shoes points for a twist toward the end that I didn't see coming, but then I'm going to take those points away for a subsequent stupid twist that doesn't make any sense. Anyway, these efforts aren't enough to make the movie good by any stretch, and for some reason it's incredibly unscary despite the technical prowess. I guess cursed shoes don't quite work.
And on that note, the shoes are not red in any sense of the word. They are definitely pink. I took it to be a metaphor, like the shoes are bloodstained, but they are referred to as "red shoes" at least twice throughout the film. Uh...great job, guys.