I finally played it last week actually, and I'd give it a solid 85% rating. It is a launch era game so the graphics are weak compared to modern titles, but they did a good job of giving a nice horror vibe to the game and it plays like a decent supernatural detective story. The emphasis on melee combat is balanced out by having a nice selection of weapons to use and I did not have as much trouble with the controls as many modern titles since they were not as deep on this one. Even the sequel is giving me trouble as it includes modern staples like 'stick click' and combos that I have difficulty mastering.
Also, since it is first gen the achievements are all SP and can be done on Easy, which is nice for those of us that gather such things.