I love the series, I am one of the poor bastards that paid for Illumination, and so I'm in the beta. I'm running at just below minimum specs, so I get terrible performance (about 15 frames with everything at the lowest). Even then, I can say it's not good. It's like Left 4 Dead mixed with Alan Wake. You get the hordes of enemies, and you have to weaken them with light (not your flashlight though, any other light source), so you're not mowing through them, but they just keep throwing more at you.
The camera is zoomed in super tight, but the only indication you're getting hit is a rather subtle animation that, at the distance, is easy to miss. The animations look like they came from a free Unity game, I think the sound mixing might be off a bit, and from the videos I've watched, there's really no reason it should have such high requirements, beyond being able to say that they're using UE4.
It's not good, basically. I love the original, but I'm not good at adventure games, which early survival horror really is, so a more action-y approach doesn't really bother me too much, I just want it to be, you know, good. 2008 was terrible, but at least it had some moments.