I read in some previews that you can't actually die which might explain the part about lacking any sense of danger. I also read that you don't have any weapons at all so I'm imagining a lot of running away at the scary bits.
I find that a lot of so called scary games aren't scary at all. I recently played through Dead Space Extraction (bought it because this game was delayed) and wasn't scared in the slightest (still loved it though), but my gf completed it the other night and she was scared the whole way through.
I think a lot of people rate scary games just on how many times the game makes you jump. Personally I find a dark atmosphere and creepy storyline far more scary than the games that keep on trying the make you jump tactic.
I'm really looking forward to this Silent Hill remake because I haven't played the other ones at all so the story will be all new to me. I have seen the film though.