I just saw this movie a few nights ago and even though the plot was predictable in places, the performances make it worth watching. Timothy Dalton's portrayal of a priest tormented by wartime flashbacks was quite believable and almost moving in parts. The exorcism rituals and events are more believable than those in The Exorcist and your don't need any previous Catholic upbringing to keep up.
Other than the paranormal events which occur, one can almost believe the child is simply a severely psychotic individual with a fixation on the afterlife and demonic imagery, which lends an air of credibility to the presentation. If you chose to believe the events have been exaggerated and the paranormal occurrences did not occur as documented then this story should sit well with you. Even those that take the account as accurate as told will find the story quite gripping.
Regardless of your level of belief I think just about all will find this story well told in this movie. Your disbelief will not need to be suspended very much to walk away from this film with a good impression.