The FEAR franchise is pretty much the very definition of mediocrity.
The first one got some points for it's shooting and fisticuff mechanics, weapon variety, and it's mildly flamboyant use of bullet time, but lost even more for it's bland "Resident Evil-ridiculous" story, generic characters, repeditive gameplay, and extremely lack luster (insert MASSIVE finger quotes) "horror" elements.
The second one, I would not even call a sequal. Nor even an expansion pack. It's more on the lines of a patch you had to pay sixty bucks for. Oh it played fine, it's just that (aside from having slightly better graphics) nothing was improved! The story was dumber, the characters were more cliched, the gameplay was more repeditive, the weapons were toned down, and the horror elements were more "BOO!" oriented than ever. Okay the fact that you could flip or turn certain objects and use them as cover was a pretty neat feature. But add the facts that the enemies weren't that bright or durable, and you pretty much tripped over health packs, ammo, and stat upgrades after every step, the feature became utterly useless very quickly. Overall, it was a game that shouldn't have existed.
Thanks to FEAR 2 sucking the big one, I have no interest in FEAR 3 at this point. Maybe if Monolith add better horror elements, a slightly better plot, more interesting characters, switch the slow-mo shooting with viscious melee combat, and rename the project to Condemned 3, I might actually get excited.