Judging from the demo I thought it was sufficiently creepy, and I think a lot of fans complained about 4 5 and 6 having too much action, those fans are happy to see this demo I'm sure. Personally I would have liked to see just at least small amount of action; one encounter with a monster (either shooting/knifing or at least running from a monster. but it's just a demo I'm sure we will see that eventually.
as a PT rip off it's not so bad, it just isn't really Resident Evil. Relies too much on flat/cheap jump scares rather than sudden and tense battles like do you shoot and waste ammo? or run away and save it for another time? that's what I liked about RE1 and for the most part in other games. RE7 doesn't have that.