I must say my Resident Evil experience wasn't that extensive before I played 5, and at first I was not overly impressed.  Luckily, I had met a friend on Live and got to see dimensions of the game I never would have discovered without an experienced player behind me.  The graphics are slick and the environment well-detailed, and I have never seen an inventory system work as well as it did in this game.  The story was OK, and I understand that I probably feel this way because I havent played through all of the first four RE's.  The small collectibles and outfits are just enough to encourage you to play again and again (Man was I pissed when I accidentally ate the only rotten egg I had found when I wanted to get the achievement for killing something with it). 

However, I still do not understand why the series continues to disallow moving and shooting.  It may add a bit to the horror aspect, but is more annoying than it is worth.  Also, the game just wasn't overall that scary (The cut-scene in the cave where you jump over large gaps in the floor is a prime example of an attempt at suspense that just does not deliver).  The gem/jewelery collectibles were fun and interesting, but finding them while fighting mutants just died down any scare I would have had.  I never had the Alan Wake-esque chills, and the game lacked the Assassin's Creed conspiracy feel that I think it may have been going for.  Nevertheless, it is a quality game that is fun to play, yet challenging for any achievement hawks out there.