I've played about five hours of this game so far. The game has some really good moments and to be honest I've jumped a lot in this game compared to the first (jumped zero times). I like the psychological aspects of this game and the sandbox environment they put you in.

There were parts in the first game where I thought it was okay, but in my opinion (unless it changes before the end) I think this game beats the first by far. If you're thinking of picking this up, it won't hurt you to start with this one and just watch a catch up video of the last game. The previous story was all over the place and didn't make much sense anyways. I swear you won't be missing much.

It's not the best survival horror franchise I've played, but it does call back to silent hill and resident evil 4 (doesn't have as good of a story). Yet if you're looking for something in the horror genre to play pick this one up and don't even bother with the first game. All the first has is gore and horror elements with no thought to a cohesive story. If you don't believe me just watch pretty much anyone's review of the games.

UPDATE:
Just finished the game and I have to say well done to the game developer! The game was much longer than I thought it would be but not in a bad way. There is an initial climax and the game changes a little afterwards and became less scary. However, the game does find its footing and gives a good mix of horror and action.

This isn't the scariest game I've played but it has been the first one in a while (since the silent hill series and re2) that I have fell in love with. I'll definitely be playing this again!

TIP FOR PLAYERS:
Don't rush through the game on your first play-through! This game is meant to be explored and your rewarded for braving the horrors outside the main story.

Graphics:
I like the look of the game without the film grain (which you can turn off).

Bugs/crashes:
In my 28 hours of playing the game I only had one crash in a late chapter but don't worry as the game saves your progress quite often. One bug that got on my nerves in the later chapters was my shotgun would disappear in Castillanos' hands. I could still use the gun or re-select it and it would re-appear. Minor annoyance though.

Gameplay:
It's everything you could expect from a third person shooter. The controls rarely gave me problems and the stealth while basic worked for the game. I used stealth quite a lot in this game. You don't have to, but it is recommended because this is a survival horror game. While the ammo isn't lacking, it can be in short supply in some chapters.

Story:
Some good parts and corny parts, but all-in-all a much better story than the first and I felt satisfied at the end!

Overall Consensus:
This game has made it to my top horror games of the current generation. While not perfect, the developers really tried to build a good story with a even blend of survival horror and action. Pick this one up on sale or for its original price as I would have been satisfied either way.

This game has been out for a while, so I'm going to keep this short.