It came with my 360 when I got it for Christmas. I was interested in it and thought it could be one of the few good Xbox-exclusive games I've heard of.
It's not. So far, I think for three out of eight chapters, it's been shining your flashlight at enemies and then shooting them a few times. There's little challenge to it and it's not scary.
It also has a tendency of telling you everything. It will sharply jerk control away from you to show you that an enemy spawned on the other side of the area you're currently in. It also loves to narrate (because, you know, books and stuff), so sometimes along with you already seeing the inconsequential monster, it will move over to emphasize the monster and narrate that "I then saw a spooky monster."
Unless you have a great fear of spooky forests, it probably won't do much for you.