Well, I've played it for about 6 hours, and I must say, I'm very impressed. I heard some people bitch about the camera angle, but IMO they're just picky, or something, cause it's not that bad. The graphics are excellent, the storyline is intriguing, te sound is quite good (if only I had a receiver that could work with Pro Logic II), and the insanity effects are very slick. I highly reccommend this game. It is easily worth the $50, even if it does turn out to only be 10-15 hours.
*Possible spoiler alert*
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The sanity effects I have dealt with so far are:
-The room tilting everytime I become less and less sane
-The room becomming upside down and I'm walking on the ceiling
-While walking my head falls off, then each arms, then my torso
-My upper body exploding
-The room becomming black and white and kind of foggy
-The sound turning off and a mute in the upper right hand corner
-The Blue Screen Of Death
-The ceiling bleeding
-Seeing myself dead in a bathtub (not sure if that was a sanity thing or pre-programmed event)
-Statues heads following my movements
-Pictures changing into other, more hellish pictures