American Fable is ambitious, maybe too much so sometimes, but there's an intense pleasure in the boldness of the film's style.
I really wish I knew more about music. There must be a name for the kind of loud, sudden chord that slasher movies depend on. You know the effect. The foreground is filled with the heroine, carefully framed so that we can see nothing behind her. She turns around, there's a shock cut to a big closeup of another face, and on the soundtrack we get the thwaaaaank! of the chord. Then we realize--hey, it's only Natalie! Or Brenda! Or Michelle! "Sorry--didn't mean to scare you," Natalie/Brenda/Michelle says, while the heroine grins foolishly and both parties laugh with relief. I've got a tip for Natalie/Brenda/Michelle. When the campus is in the grip of a mad slasher, the dead outnumber the living in the dorms, and security guards start sliding through pools of blood--it is seriously uncool to sneak up silently behind someone and grab them by the shoulder. If they're packing, you're dead meat.
"Urban Legend" makes heavy use of what we may as well name the Creep Chord. It's the movie's punctuation mark. There's a moment of relief, and then the buildup, and then thwaaaank! Just to keep things interesting, about every third time it's not Natalie/Brenda, etc., but a slasher with an ax.
The slasher prowls the campus wearing one of those L.L. Bean subzero Arctic parkas where the fur lining on the hood sticks out so far that you can't see the face inside. If I were dean of students, I'd ban all forms of head covering for the duration of the emergency. Of course, the dean of students may be the killer; this movie doesn't waste a single character, every single person in it is possibly the slasher.
Still, you have to wonder why a person in a conspicuous parka isn't noticed creeping around the campus and even into heated swimming pool area (sorry--that one's a false alarm; the person in the parka is an innocent who just happens to like to wear a subzero parka in hot and humid environments). I am reminded of "I Know What You Did Last Summer" (1997), in which the slasher dressed at all times in a slicker and a rubber rain hat, like the Gorton's Fisherman, and yet was never noticed in a coastal resort town in summer when it was not raining.