While the melee gameplay is fun, the story itself actually seems to lack, and it's not as scary as it's hyped up to be..
The game itself is pretty short, clocking in at something like 8 or 9 hours--but this is still long enough for a decent rent. Now for the most important factor: the scariness. The game, at time, manages to be relatively scary; however, it does not live up to the hype many reviewers have been lavishing upon it. There are a few instances of classic "scary" (such as enemy-jump-outs and things of that nature), but the story and atmosphere seem more cheesy than scary most of the time, with many of your enemies looking like front-men in bad black-metal acts.
The game relies too heavily on darkness, which at times can be way more frustrating than it should be--making you feel like you should have your TV brightness all the way to max just to see a room, until you realize you are not supposed to be able to see--but to feel disoriented instead. The flashlight does little to help this problem in most cases, as it has a very weak and identifiably "horror" range. This causes for many instances where an enemy will appear at your toes when in fact it has been walking towards you for hours, you just haven't been able to see it. It is not scary after the first few times, but rather annoying.
Still, the game works well, and the innovative melee combat makes it serve to be a relatively sharp package. It delivers if we're talking a weekend rent, but it does little to serve its packaging price for those who are considering owning it.
Worth a play--maybe two, and worth a weekend rent, but not too much else.