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Incredible atmosphere, dynamic haunting (making gameplay vary each time and creating new discoveries), great visuals, terrifying sound mixing, and a simple pretense (what if you were IN the situations of films like Paranormal Activity?) all add up to great, and scary fun.
The only request I can think of for (subjective) perfection would be more customization of the camera wielder (so I could actually put MYSELF in that house), but that's just me :)