I honestly never played 5, but 4 had plenty of scary moments. The regenerator was a great one, as well as the creepy Ganados, the lake monster, the house standoff scenes, and the first time I heard the leatherface a-hole rev up that chainsaw and run down the lane to chop my head off. That was truly awesome.
The cave-troll bosses were weak, I thought, and some other parts, but by and large the game played through great and nailed the Resident Evil theme quite well.
The castle/creepy monk sections with the huge blind dudes with claws were also great fun. They reminded me of something out of Hellraiser.
I do agree with the concerns about it being too 'action-movie,' but as long as they up the horror and atmosphere to match the action, should be fuun.