A really great episode. I think it is superior to the first 2, but just shy of 3. This developer really is something else. He has a raw talent and vision for these stories and he does a great job at capturing them.

This particular story is like if you took Firewatch but turned all the lights off and had creepy guys watching you. But that works quite well! Production wise this is the best one. The setting is excellent and there's lot of great sound design and stuff going on in the background. I think the slow pace works best here because the job you're doing is literally waiting around for stuff to happen.

That said, while I think the bad guys work, you don't feel that same connection as in episode 3. I think the ending here is a bit lacking as well.

Still great overall

Fearts to Fathom is problably the best horror game "franchise" out there right now. Seeing the mostly solo dev improve tremendously over each release feels so refreshing, always adding more content without bloating the experience while adding more and more subtle horror without relying entirely on jumpscares, though it never forgets it's main driving force of entertaining you and the psychotic baboons you call friends.
Extremely recommended if you have like 2 hours of dead time with friends and want to experience a solid horror story about being in the woods.