From what I´ve heard the new game FG is working on will be more of an adventure-game rather than the horror we´ve seen from Amnesia and Penumbra, it will still contain horror-elements but that won´t be the main focus of the game. I´m really exited to see what they´ve been working on
As for your question if modding takes away the fear, yes it does. When you mod the game you discover what the game really is, you see what it has to offer, what makes it running and how and you get familiar with it. One of the first things I did when I opened up the level editor was to locate the monsters and place them on the map and go "Oh, so that´s what I´ve been so afraid of!" It´s like Yahtzee said: The monsters stay scarry the less you see them. When modding you´ll see and work with the things that scared you and you´ll get intrested in them in a new way. I´m just rambling on now
Think of it like this: When you start playing a guitar it´s difficoult, but the more you play the thicker the skin on your fingers becomes and playing gets much easier. If you stop playing for a long time, the thick skin´ll disappear and taking them chords´ll get difficoult.