Yes, the game looks great.
Here's the thing for me tho. As you mention yourself Layers of Fear seems to consist of nice graphis, heavy atmosphere and jumps scares. You talking loud through the entire walkthrough might work for most, more action based, games. In this game however it takes away half the viewing experience, leaving me pretty much only the nice graphics.
For my part i quickly started looking for another walkthrough of the Demo without commentaries and watched that instead.
But thank you for the heads up, Psxpetey. I'm definitely getting it when it shows up on PS4.