Frustrating... When I clicked this I was expecting something like Limbo. And it sure seemed like it at first, but I can't tell you how many times I just ended up going around in a damn circle. Plus the ceiling collisions are a little too aggressive; I missed a lot of jumps because of that. The gameplay just isn't fun or intriguing, all I noticed was a platformer that gave you no directions. Overall it was an exercise in frustration.
As far as sound goes, this may be one of the top reasons why the game wasn't as scary as it was meant to be. It seemed a little too loud and techno-like. Just taking music from another horror game or film would have been much more effective than using something on the Audio Portal. Penderecki is really the only person you can reliably go to for scary music, but you could have also used the Giygas Theme or something. Some kind of sound effects would have been nice too.
Now, graphics... Not good. I like the black and white thing, but it needs polish. Lots of it. There are some nice transparent fog and mist images you can find (just Google "mist filetype:png") that you could animate floating across the screen to give it a more grainy, textured look or feel. It might also have been a good idea to slightly blur the ground you're standing in, and possibly showing slowly moving environments in the background. For a black and white game, it's important to up the ante when it comes to effects and atmosphere. I'd also point out that the animation is rather poor, and the character could be drawn much better. There's only one playable character, right? So put some time into animating him!
Last, I'll address the scare value. Taking the whole concept of shadows and a limited line of sight, it looks almost as if this game was inspired by my Flash story Gemini. This is not entirely bad, but the game has some serious balance issues. The spectre guy that floats around comes too often and drains things too fast. Plus he doesn't even have any sound effect. When I first started the game I tried seeking out potential hazards just to see what dying was like. In the end it felt more like I was playing Platform Racing against the spectre than he was actually chasing me. The visibility penalty is annoying where it should be creepy. The only thing that really bothered me was when my line of sight dwindled to almost nothing. And that was because I thought something would jump me if I lost. When I realized it just gave a silent game over screen, I decided to quit. No point in going through the same boring landscape again only to fall and climb my way back up.
The biggest thing this Flash is missing is polish. It needs more atmosphere in looks and sound.