As everyone has said, the combat is terrible. It's everything else that it does right. But is it worth the $150+ that it currently goes for now? No. Very few games are worth that price imo and this is not one of them. I bought it for $70 a few years ago when that price was still considered too high for this game, but (obviously) it's only been going up. The price probably won't be coming down any time soon, as survival horror isn't really becoming less popular and since so few new survival horror games get made, people are looking to collect older titles.
So on one hand, no it is not worth the price. But it is only going to stay this cost or go higher for the foreseeable future, and it isn't worth that price either. Figure out if the game is something you'd enjoy. Then buy it now unless you want to wait for the bubble to pop, and who knows when that will be, if ever.