yeah development wasn't too kind to Alan Wake. I liked the game, but I also felt that it wasn't exactly what they promised. The original designs for Alan Wake showed that the game was going to be a lot more like Silent Hill, with an entire town to explore in. But direction changed at some point and the game ended up being a much more linear Max Payne like adventure. I'm not really sure if the shift to the Xbox 360 caused technical problems, or they they just couldn't get the play mechanics worked out in an open world.
I still enjoyed it in the end, I didn't buy the game on the 360 and picked it up on PC instead, which in my opinion was a better choice in the end. The game looked great at 1920x1200 with all settings maxed out. But I was expecting a little more too.
I like what I see visually from this one, but I'm waiting to see some direct gameplay footage myself, before I can comment more on it.