From what I can tell, the game is competent - the level design is appropriately dark and foreboding, the protagonist has a much more visible presence in the world, and the reliance on the camera for night-vision is a clever mechanic. But it doesn't do anything for me. It's a paint-by-numbers game, with a ridiculously desensitizing overuse of gore, generic-looking bald bad guys, bombastic music that annoys rather than engages, and a predictable plot about something-Nazi scientists-something-evil corporation-something. It's the soundtrack that really bothers me - great horror like Silent Hill often utilizes discordant sounds that linger in the player's mind.
I'd stick with A Machine For Pigs, thanks. I find it interesting that Outlast represents the 'triple-A' emulation of 'independent' horror that Amnesia and Penumbra exemplified so well.