I'd take Downpour before Book of Memories, any day of the week
I only briefly dicked around with the demo for BoM. Just enough to piss me off that Konami didn't go with WayForward's original idea.
But yeah. Downpour wasn't by any means awful... well, except for the completely unacceptable technical performance. There were some genuinely creepy moments in exploring the world. A few of the side quests were really great, and the sound design was excellent. I guess the only thing I can really knock is the uninspired monster design. Did they really have to make every single one of them humanoid? Only the dolls were the least bit clever or scary. At least with del Toro on board that shouldn't be a problem this time!
Edit: On second thought, I also hated running from the Void.