I took a chance on this, because no reviews.
Sleep Tight is basically a horror anthology with interstitial. Although episodic, it might as well be a 3 hour-ish anthology with 12 stories, 2 per episode, at about fifteen minutes each. It seems that they'd hoped for more episodes, and the interstitial isn't really resolved (more of a post-credits cliff-hanger.)
Production values are low, but the people that made it seem to care about having done a good job. I'd put it somewhere between, high Youtube and Sci-Fi channel in terms of production quality.
Acting is a mixed bag-- sometimes poorly overacted, sometimes, pro-level. Same goes for writing. Settings are strong. Effects are nothing to write home about, but there's never a sense that something is off-screen because it was too expensive/hard to implement-- they're integrated well with the stories. Suspense/horror is often created by camera effects and action, which are overdone, part of what it makes it feel Youtube-ish. Sound's just okay, serves the purpose, and doesn't get in the way.
Stories themselves have a strong teen orientation. There are a lot of stories about smart phones here. (Remarkably, cell phones almost never lose signal.) Most stories skip over huge swathes of the story. Often, the ending. For good or ill. I'd rather see no ending than a poor ending, and I approve of the decision to leave a lot unspoken. But I know that it irritates a lot of other people.
The pacing is very strong thoughout, helped by the fact that the stories average less than fifteen minutes each. There are plenty of small twists along the way. It's not boring or spread-out.
The best episode of this, hands-down, is the final half of the final episode, where I think the people making this hit their stride. I like that-- I like to see people learning as they go. If you want to skip to it, and then see if you like anything else, that'd be fine.
Overall, I;d say that this is not something you should go out of your way to watch, but if you're bored and out of options, this is going to be more entertaining than a lot of other things you could choose. I'd be inclined to say, it does what it says on the tin, if I wasn't scared that would be misinterpreted in the context of the title.