A pretty good game if what you want is to get scared and also an awesome creepy story.
When it comes to the ghosts, the graphics are not the best, but even so (or actually because of it) they can definitely scare you coming out of nowhere all of a sudden, and each one of them is totally different from the others and has its own story, so it's really interesting and you'll hardly get tired of them.
Also, the places are creepy and every time when you have to open a door you may get pretty afraid of what's behind it, but you're always willing to do it.
Another thing that definitely helps creating an obscure atmosphere is the sound effects, which work great, and are probably the best of the series (and by best I mean the scariest, in this case).
Fatal Frame is, undoubtedly, as many will agree, a perfect game to play at night when you want some good scares.