Agree the performance wasn't the smoothest on my old 360 either.
I loved the way the story started off, from the crash, to the forest trek, to the mines, then eventually into the town. All of this was very different to previous titles and a unique spin to the series. It had some clever psychological game design here and there too, like the endless stairs that require you to just turn around LOL.
But all in all I just want Konami to put out high budget remakes of 1, 2 + 3 like Capcom did with RE. They'll gross so much money from the loyal fanbase. But I wouldn't complain if they finished off P.T either. The Junjo Ito & Del Toro collabs were so promising.