I'd say this is the game that really kicked off the Resident Evil formula. I do not think there is much I can say about this game that has not really been expressed already.

It is overall just a great survival horror game. Fighting through the halls while trying to save your ammo, not break your knives and managing the inventory can be quite tense, and the story is surprisingly interesting for a zombie game.

The main downside of this game is that it can sometimes be a bit tedious when Mr X begins chasing you. It is fun and tense in the beginning, hearing their footsteps get closer and close, watching them run around while you try to sneak through, all the while trying not to make sound that will attract him.
That said, it goes from tense to a bit frustrating. After a while you realize they don't really make the game more difficult, just more annoying. Sometimes they'll chase you, only for you to run into a safe room where they can't harm you. Now you have to wait, sometimes for multiple minutes before they decide to walk away and you can start playing again. It's not fun, just frustrating.
While they aren't around for too long, they still manage to overstay their welcome.