I don't remember being scared by FEAr at all. But I admit I only ever played the demo and never the full game because what I fear the most is boredom.
I played Penumbra before, and expected something at least on par from what I heard about fesr, but when I was playing it, most of the time I kept thinking "Ah, yes, blood on the floor... OK, now there's blood on the ceiling, how did it get there?... Ah, now the room fades into white, that IS remarkable... Hey there little girl, nice to see someone's still alive here... Oh, well, guess you aren't either... COOL, finally a new-generation game that allows me to see my own shadow, neat!... Now what was I supposed to do again?"
whereas during the Penumbra series my thoughts would have most likely sounded like: "OK, got rid of that wolf-thing, now I should - what's that sound?... Ah, looks quite nice here - wait a minute - WORM INCOMING!... OK, maybe I should switch the light back on - HOLY ****!... OK, that was unsettling, but now I can - hey, what's up with my flashlight? WOAH!"