Well I have beaten FEAR 3 all the way through by myself and cooperatively. Done all the multiplayer modes extensively and done most of what there is to do in the game. So is it scary? Depends. I found playing the game on co-op to take away a lot of the fear factor in it. Playing with someone else loosens the stress of being alone in a creepy atmosphere. Not to mention, I played as Fettel, who himself is rather disturbing. Being a creepy character takes away a lot of the creepiness. However, it does have its moments where the game does scripted hallucinations and sights along with sound effects that scare ya. I don't think it is as scary as the earlier ones though.
It is a fun shooting game to play through though and the multiplayer is fun, but most of this requires one to have all four people to be fun and "doable". Story wise, it isn't that great, but I haven't found the story in the other two FEAR games to be that great either. Personally, I think it is a good game, but may want to wait for it to be a little cheaper or have a few friends lined up to play it with ya.
Hope this helps you out in your decision.
