I bought it for the GCN when it first came out (never played the PS version before) ... I personally liked it, but having to gather up "typewriter reels" in order to save your progress got to be excruciatingly frustrating.
Then, once "Eternal Darkness" came out, I forgot all about the game and now it's collecting dust next to "Wave Race" and "Luigi's Mansion" ... I never did get very far in that game either (I think I got as far as finding the second mask that triggers to coffin to lower from the ceiling?). Meh, maybe once I get through all the new GCN games I bought for Christmas, perhaps I'll go back and give it another try.
I am looking forward to the release of RE4, however ...
If you ever liked Resident Evil, it's definitely worth the $20. The graphics are incredible, the atmosphere is over-the-top, and it's honest to goodness scary quite a few times. It's not quite the same game - they changed a few things up to fuck with you.
I can't really get into it, however, because of those absolutely atrocious RE controls. Up is supposed to mean you walk towards the top of the screen, not in the direction you're facing. You can't retrain people who've been using those controls since The Legend of Zelda.
Here (computerandvideogames.com) and here (pcgameworld.com) are interviews with the lead designer for the game. He talks about some of the new content (which will eventually be available for download via X-Box live, so fret not, X-boxers)