On the 4th 'interval' (of 8 I think) in Fear 3 (or F.3.A.R. if you're pedantic) and loving it. Loved the first two, still up there with my favorite shooters ever made, but have to admit I was sceptical about this. It's a different studio, and the trailers had been a bit cheesy, so it's a huge relief that they've done a great job.
If you hadn't been told it wasn't Monolith you'd never know, because it looks and feels like they've been at the wheel, and if anything the mechanics feel a lot tighter than 2 (and the movement is certainly less spongey). It's not been scary as such yet, just the odd jump here and there, but it is pretty intense and some of the new enemy types show they've been paying a lot of attention to Left 4 Dead and have done a good job re-appropriating that sense of panic. It helps that I'm playing it on the hardest setting, because I usually keep that for a 2nd playthrough but chose it on a whim and it means survival is far less certain which adds a ton of tension. The MP modes are great fun too (Fucking Run is particularly great).
Probably shouldn't praise it too highly without finishing it, but unless things go sorely tits up in the last half then I'd call this a great sequel.