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this will be interesting, so it's like a modern version of the popular Silent Hill, with a seemingly more real scenario - you have no weapons! just your flashlight and cell phone, and instead of the bloody, rust covered silent hill we all know and love, it's going to be blue and icy. i think one of the best things though, is the fact that the monsters actually reflect your mental status and can "evolve" with your deteriorating mind. the camera on your cell phone can take pictures of seemingly empty places when an apparition appears on the picture you took! creepy D: kind of like ghost hunters on sci-fi
the only cons i see with this is the fact that plot seems a little confusing (even though we've only seen short previews and such, it still seems like it would be confusing), some people might not like the no weapons aspect and/or the whole cell phone thing.

"PSYCHOLOGY WARNING
There is no hiding from this game. It profiles you.
Gets to know who you really are.
And it changes. Uses it's knowledge against you.
Creates a nightmare just for you.
This game plays you as much as you play it."