Stage show: Incredible use of next to no props and three actors.
1989 TV film: Incredible use of restraint and unsettling imagery.
2012 movie: Some spooky shots but no subtlety on show whatsoever.
In short, they made it into a teen horror film. There are about a dozen jump-scare moments, all of which are telegraphed well ahead by the photography used. If the camera goes in tight on Daniel Radcliffe's face, you know as soon as he turns around something will be right next to his head.
The Woman is shown way too much and there are a couple of moments that are purely there for the audience (as in, Radcliffe's character is not witnessing the apirition so it serves not purpose in the story).
Radcliffe does ok for a film with long sections where there's no speech, just him walking around with a candle, but he doesn't convince as a father and widower.
The Woman herself is quite eerie in places, but her overuse renders it redundant come the end. In the older film I think she's only shown 3 or 4 times, making her more elusive and unsettling.