So it seems like I'm in the minority here, but I absolutely LOVED RE5. I think I played through that game 3 or 4 times in a row. Sure, it's not a horror game, but neither was RE4. Not really. The first village you come across in RE4 was a little creepy, and once that chainsaw guy jumps out you start freaking out, but it's never really a horror game. You always have more than enough ammo to destroy everyone.
RE5 is the same way, but it doesn't pretend to be a horror game. It embraces its action side and, I think, is a lot more fun for it. There are so many fun set pieces in that game, and Falcon Punching zombies with Chris' mutated biceps never gets old. I'm looking forward to RE6!