I playe through the first two episodes of Alan Wake last night (well, almost - I got stuck on what I think is the end boss of ep 2), and this game definitley has my seal of approval.
It has some cheesy aspects, but I'd put them all in the "good cheesy" category, and the heart of the game - sneaking around a dark forest fending off phantoms - is really tight. It takes so much to get me into a game anymore, an AW did a pretty good job of compelling me to continue. I give the developers a gold star for balance: the game is neither too easy or too frustrating for me. It's just right.