I've played it. I was very impressed for the first hour or two I played it, but then after that every room starts to look the same, and it gets real easy to get lost and then you're going to be checking the map screen a lot.
I haven't played the sequel yet, but I wish they would port both games to WiiWare and/or XBLA or PSN, because horror games just don't work on a screen that small, so it could benefit a lot by being played on a TV with a good sound system setup.