Decided to give this a bash while waiting for my gfx card RMA:
+Looks pretty decent for the age of the game thanks to FEAR engine
+Good performance even on my old GTX280
+A few freaky moments such as when you zoom in the camera (normally a 'safe' time) for a closeup on a body and then it turns out it isn't dead and leaps out at you!

+Limited ammo forces you to make use of different weapons
+Something a bit different from most games, it plays out a bit like an interactive movie (reminds me of Heavy Rain a bit)
-Doesn't really give enough info as to why there are all these loonies roaming around trying to kill you
-Generally a bit too easy on normal difficulty
-Very easy to miss opportunities to perform a special action during fights, I missed quite a few chances to do it on the final boss
-FBI are underutilised
-A lot of plot holes that need tidying up considering the sequel hasn't been released on PC
-Evidence gathering is very contrived, doesn't really involve any skill and slows the game down a bit. The trails in the house in Chapter 9 were done well, to be fair.
-A bit too linear perhaps, it felt like the sort of game that could have had a few decision points thrown in (which route to take, who to ally with, choosing whether to kill/save people etc).
Overall I'd say it is OK if you fancy something a bit different from standard shooter fare, but certainly not in the same class as FEAR and is maybe a little overrated (I see it recommended on here from time to time).