Excellent take on survival horror. Graphics are very good, even if the environments are a bit sparsely done. The atmosphere is well-conceived, and scary as all hell; not since the original Alone in the Dark has the "mansion where bad, bad rituals have taken place" theme been executed so well (odd that a Japanese game could be so Lovecraftian). Much scarier than Silent Hill 2, though not as scary as Silent Hill (it comes close, though).
Combat is innovative, but gets frustratingly difficult rather quickly. Your avatar is slow to move, slow to ready her camera and is generally good at getting killed. The other major drawback is that this game recycles its environments far too much; not just backtracking (which is annoying enough), but merely tweaking the same ol' rooms again (hey, that key wasn't there the last three times).
In the end, though, this game is recommended. It is definitely worth a try.