I just finished the game, and what a ride it was.
At the start I had no idea what it was about. I've only seen some screenshots and shortvideos of the first few minutes of game play.
My first thought was that this would be a perfect setting for a Lovecraftian horror game, and the longer into the game I came, the more I felt it's the perfect setup. I think I would have been slightly dissapointed if it wasn't based on that at that point.
Then about an hour in, the character mentions "Miskatonic University", and I was in heaver (or hell, depending on how you look at it).
I loved the game straight through-and through. In my opinion, didn't miss a beat.
I was worried about the ending though. A Lovecraftian game can't end happily, but it was handled perfectly I think. The only problem was I didn't know what to look at. I wanted to see everything all at once.
Finally, thank you Insomniac for such a great game.