I've played Resident Evil 1 through 4 (+ that weird railshooter for the Wii), and I've enjoyed them. While RE4 (Wii edition) was a terrific game, I sort of missed the "horror" elements. It didn't scare the shit out of me like some of the older games did.
The reason was how the camera worked (I also guess me being older did affect this). While it made aiming/shooting and exploring better (hell, it's perfectly tuned and works great), it made the game unable to scare me the same way as it's predecessors. You knew how the room ahead of you was built up, you could see where potential dangers might lie. In RES1-3, I always had that sense of fear due to not knowing what would be next.
There were only a few places were I was genuinely scared, and that was:
The part where you ran around as the girl (I cant remember her name) through some dark area with lots of knight's armors around + some boss I vaguely remember (you had to fight him while waiting for an elevator to arrive, and he disappeared from time to time, so you didn't really know where you had him)
What the game did feature though, was a really creepy and well-made setting.
PS: This is the Wii-edition, I have no idea how the aiming/camera works on the Playstation-version.