it seems like a full-fledged game, and from what i've seen in scans and photos floating online, it doesn't play like Face Raiders where you've got crystal clear objects floating around a grainy, low-spec, low framerate video background. looks like it'll be gyro aimed, but it won't be tied to using camera feed as background (this was my main worry). it'll be using its own backgrounds, locations, etc.
i'm hyped, but nervous at the same time. in-your-face popups of ghost sounds like scary fun, ahaha. speaking of which, that movie The Ring should totally get a 3D version.
Imagine Sadako crawling out of YOUR tv screen... gawd, flickering in and out of the well, suddenly it flickers out, and the next thing you know you've got her flickering OUT of your TV in full popup. XD