FEAR 2 or should I say Project Origin, made by the original people have released a demo showing which lasts 18 minutes. Its running on the 360 however:
Its looking like its going to prove the same quality as the first
Graphics look about the same, though I can't really tell at 320x240 res
Though found out watching it on the site allows for 640x480.
No dynamic shadows, but they may add those later (the original didn't have them either), i.e, a flash light doesn't affect the shadows.
Quite a large download, but worth it