I just got done playing Amnesia: A Machine for Pigs, and I have to say that's exactly how I feel.
It had a great story and good graphics but it was lacking the most important thing, fear. I went through it and felt scared at certain points, creeped out during others but never felt the same level of terror that I had when I played Amnesia 1. There were monsters every where but I was only attacked a few times throughout the game. I never felt like my life was in danger as I was wandering around.
I also felt like the game was holding my hand a bit. Amnesia 1 made you solve puzzles as you went through the game. It made you wander around while there were these monsters lurking and waiting to kill you, it just made the situation more challenging and more fun.
I think that it would have done better if it wasn't labeled with "Amnesia." That just made me want to compare it to the original game, if it had not been compared i think it would have been great as it's own separate game.