The graphics were fantastic, and really suited the tone of the piece. The animation style was also very appropriate and added to the creep-factor as did the ambient noise.
However, the only real complaint I had was the person voicing the lead character. His voice sounded like a comedy version of a typical stoner, and resembled Butthead's voice from Beavis and Butthead. It didn't fit the character or the rest of the story. I would suggest reworking that and getting another actor for the subsequent parts of the series.
Other than that, I am intrigued and would like to see more. I am worried however that the story is not going to go beyond the "classic" horror that you spoke of. Granted it seems like an exercise in the genre, but I hope efforts will be taken to make it fresh, innovative and not as predicatable as it could be.