RE5 seems to be very similar to RE4, especially in gameplay (which is the most important part).  I've only played through parts 1-1 and 1-2, because 1-1 was actually pretty tough.  There is a pretty epic battle at the start of the game, and it was quite difficult when I was trying it on split-screen Co-op with a friend.  We were getting some good strategy going and getting further and further each time, but eventually I just played it with the AI and got past it.  Remember to use those gas barrels!

So yeah, the shooting and survival aspect is similar to RE4 in all significant ways.  Did RE4 enemies drop items after you killed them?  I can't remember.  Well they do in RE5.  Which helps a lot because otherwise I'd be out of ammo really fast.  You can upgrade the gun and buy more guns between levels.  I really like that element in the game.  Kind of an RPG feel with your gun.  Still get ratings at the end of each level, too.. which I like.

So is it scary?  No, not at all like F.E.A.R. 2 or the first three Resident Evils.  Those games were awesome for their eerieness and surprises.  Especially the first game.  But that game was kind of unique even compared to RE2 and RE3.  In RE1 you were trying to figure out wtf was going on.  In RE2 and RE3, you were just trying to survive.  In RE4 and RE5, you are trying to kill stuff.  That's the difference.  The game is much more about combat.  But the one thing that stays throughout the series is the "OH SHIT RELOAD RELOAD HES COMING" factor.  RE5 is tense like the series is known for, because your gun will not take out an enemy in one hit.  Because of that, you find yourself surrounded by mobs more often than you thought could happen (because of your skill at shooting, of course).  I wish the enemies didn't do the slow-walk -> run up 10 feet -> slow-walk.  Seems kind of cheap.  They should always be walking slowly IMO.  These aren't the L4D zombies/infecteds.

There is a *little* bit of strategy involved.  And that separates it from other games like F.E.A.R.2.  In F.E.A.R., you need tactics in shooting, as in Call of Duty games.  But in RE, you need tactics in conservation.  There is a tug-of-war battle between trying to kill everyone that you see ASAP because you want them to stay away, and wanting to conserve ammo and take your time shooting to get the headshots while letting them get closer.  Because of that mental battle, the player is constantly second-guessing their stance between the two extremes and having to adjust as one strategy starts to fail.  But in RE, the difficulty is enough that there is no clear answer besides trial and error.

If you like RE4 and not sick of the same thing,  you will like RE5, IMO.  The co-op is probably a lot better online than split screen.  It's a little too small of a window to be able to do headshots easily (and this is on a 42" hdtv).  But having the AI controled player doesn't seem any better or worse.  She seems to be a pretty good sidekick so far.  The one noticeable improvement is that you now look/use/equip items in real-time.  This really adds to the tension of a hectic situation.  Though usually if you run away far enough you can heal up and reload before they catch up to you.  Also, the graphics are good, but not MSG4 or PC-level, of course.

I recommend the game.  I don't see how anyone who has liked RE before would not like this game.  I read/watched the G4 review and can understand what he says.  He provided constructive criticism and it is certainly worth listening to if you are the developers.  But honestly, I don't think those points affect whether or not a player will enjoy the game.

This is just based on the first couple parts of the game.