picked this up on the cheap a week ago and just finished it.
I really liked it. Its almost a pure adventure game, there's some really cool usage of your very handy in-game cell phone and the way its integrated into the game world is pretty cool. If it weren't for a dearth of clever puzzles (which number only a few), and with that, an utter lack of difficulty, this would have been a wholly satisfying game. As is, its still pretty good, the good ideas outwheigh the not always great execution of them.
The graphics are also not shitty, which, for a Wii game, is an admirable achievement. My biggest actual complaint would be that its not actually that scary, it trades terrifying for eerie. Its a solid game and I'd love to see the series continue in this way (it won't), more focused on environmental exploration, storytelling and puzzle solving vs. thunking a monster with a pipe. But then again, I waited a year and a half to play it, didn't I?