To me, the only game in the whole franchise so far that got the whole "horror shooter" thing right was F.E.A.R. 1.
To my recollection, in F.E.A.R. 2 you couldn't go for more than 10 minutes without having some sort of vision or having something jump at you from the shadows.
F.E.A.R. 3 seem to be a lot like F.E.A.R. 2, but I must admit that the co-op aspect does interest me, despite the fact that im usually not that fond of co-op games. That, and I actually find the story in this game rather intriguing. In fact I have always found the story in F.E.A.R. rather interesting and this game seems to have a lot more in common with the first game than the second game, when it comes to story.