While still a worthy addition to the Fatal Frame franchise, it has a mix of good and bad points.
Graphics - 9/10
The best graphics of the series and it should be, for being the latest one for the PS2. The cutscenes look rather nice (though some are a little murky looking) and the ghosts themselves are freakishly detailed, making for a good horror experience.
Characters - 8/10
They are interesting for the most part, though they don't have extreme quantities of personality to be shown. They are, mostly, what you interpret them to be. Though, at the same time, there is no reason to dislike them.
Plot - 9/10
It's an interesting idea on it's own. You play as Rei, a professional photographer that recently lost her fiance in a car accident. While taking photos of a "haunted" house, she catches a glimpse of him inside the house, though he vanishes soon after. Each night after that, she has reoccurring dreams that take place in that same house and each time she wakes up, a blue tattoo appears on her body, growing larger each time.
Sounds decent, right? And it is. It's a rather interesting story though it feels a little bit drawn out through the game, as it's very slow paced.
Gameplay - 7/10
It's the same formula from the previous games. Take pictures of the ghosts to hurt them. It's fun, but after two game already, it feels stale.
As for the non-battle aspects of the game, this is where it becomes boring. For most of the time, the game relies on the "go to point A to point B" any time you're not fighting ghosts. There's a ridiculous amount of backtracking to find certain items or cue certain ghosts to appear and the house is so big that it may be different to remember which doors lead to where. However, if you can memorize the layout of the house pretty quick, then you'll probably be good to go.
Voice Acting - 7.5/10
Some characters do a very good job while others seem to sound too monotone and/or emotionless most of the time.
Music - 7/10
Majority of the gameplay does not have music. It's usually silent. But for the areas and parts that do have music, it does a decent enough job filling the role but it was nothing too spectacular. Though, music has never been Fatal Frame's focus point.
Replay Value - 4/10
There are, of course, other difficulties to play if you so choose, and extra ghosts to "collect" if you'd like to fill the ghost list, but for the most part, this game has no replay value beyond playing it just because you liked it.
On the plus side, some of the minor ghost encounters don't stay in one spot each playthrough and a few other ghosts are added in on a replay (to change it up a little, I guess), but I personally don't think it warrants replaying the entire thing again for just a couple small ghosts.
Overall? It's still a good game (though too slow paced and a bit repetitive for my liking) and worth playing if you like the previous Fatal Frames and if it is the first one you've played, you'll definitely like the others if you liked this one.
It fits in perfectly with the rest of the series and still follows the same formula and concept.