One aspect that made SH2 so effective and evoking fear was the excellent sound design - you could hear things long before you could see them, and when coupled with the purposefully-obscure camera angles in certain sections, it made for a truly scary experience not often seen in games.
Having played through Dead Space 2 recently, I found that the game became exponentially scarier in relation to the difficulty setting. Many people dismissed the game's scare tactics because of the amount of ammunition and supplies available. Go back, and try playing on hardcore mode (very little ammo, no auto-checkpoints, can only save three times in the whole game), and suddenly the threat posed by the necromorphs becomes very real, and makes for a taut, genuinely scary game experience.
Definitely not in the same league as SH2 (but then again, no other games come close, IMO), but better than wading through piles of enemies on normal.