Finished the game, and I agree with everything
orcinator wrote earlier in this thread.
Signalis is pretty much a style-over-substance game, as the stylish presentation is the game's main selling point. For an indie horror game developed by two people it has shockingly high production values - the background art, the various menus, puzzles, effects - everything looks great and aesthetically pleasing (well maybe except for cutesy anime faces you occasionally see in cutscenes). One of the rare cases where pixelating PS1-like shader is used well.
Gameplay-wise it's Resident Evil, but worse - enemy variety is extremely low (technically there are multiple enemy types, but they all act the same), encounters aren't particularly interesting due to a top-down camera where you can see every enemy clearly, and key item acquisition is designed in a very linear fashion. Dunno why people here bitched about the six items limit, it's not even particularly restrictive because a key usually opens only one door, and there were basically no situations where i had to juggle multiple key items without knowing where to use them. You see a locked door that says "east wing", then a couple of minutes later you find "east wing key", and then you find a shortcut that leads directly to a locked door you saw before. My only complaint was the flashlight module - since the thing is almost mandatory for exploration, it would've been better to put it into a dedicated flashlight slot.
The puzzles were hit and miss. I liked some of them (mostly the ones involving your radio, like the one where you must decipher a code to unlock a strongbox marked with 'sword'), but was disappointed with how many of them were based on trial-and-error methods (lockpick, fusebox, etc).
IMO, by far the worst thing about Signalis is the tryhard plot and a ton of annoying Silent Hill references. The only reference I liked was bright red saving/loading screen.
Overall it's not bad, but based on the praise the game received in this thread I kinda expected more.