I've played it a couple times just for kicks. People seriously find this crappy game frightening? It's just walking around in a forest looking for pieces of paper, and occasionally encountering a faceless white guy who distorts your screen and gives you plenty of warning when he's in your vicinity.
Then again, this is the generation that finds Paranormal Activity scary. The generation that jumps at anything that moves. Wait, Slenderman doesn't even move...
I'd like the game better if it had a map, or at least a compass. Mindlessly wandering around a very indistinct forest is not my idea of a game. Pong could keep me entertained for longer.