I agree with your review, but would argue a couple of points.
First, this game is not very linked mechanically to its predecessor. You're never in significant danger from enemies and the puzzles are very simple. For a player like me, that was great! I enjoyed the horror aspects of the previous Amnesia game, but disliked the game mechanics (simply because I'm a wuss, not because anything was inherently wrong with them.)
Second, the creators of this game were Thechineseroom, whom specialize in interactive storytelling over challenging gameplay. Their previous game, Dear Esther, featured even less gameplay challenge than AMFP, but was an amazing experience nonetheless. This wasn't well communicated in AMFP's marketing efforts, but heavily influenced my expectations of the game.
In short, I highly recommend the game but acknowledge that it doesn't provide any dynamic gameplay similar to its predecessor nor the challenging puzzles expected by the average JustAdventure reader. But if you're looking for a fun carnival ride through a 19th century industrialist's Small World, it's a blast!