Not as bad as a lot of people say it is. After 2 and 3, Team Silent was basically fated to make an inferior installment. The biggest negatives are for sure the combat (almost insufferable), the creature design (wildly inconsistent) and the intense reusing of locations, but I feel that the story and most of the mood of the game is enough to carry it.

Special props to Yamaoka's music on this. Dude was at the top of his game.