It looks awesome! It appears to be closer to the creepy, haunting atmosphere of Fatal Frame 1 and 2 that made both such great games. I lost interest in the Fatal Frame series after Fatal Frame 3. I felt that Fatal Frame 3 was trying too hard to tie all three games together. I preferred having each story stand on its own.
It's just a bit sad that this series is a Wii-exclusive. I don't like the Wii at all. So whilst I wouldn't buy it, I'm still looking forward to seeing more of it.