Alright, here's what I think:

The graphics here look absolutely fantastic. I love the 3D hand-drawn aesthetic, and the audio sounds fantastic. I obviously can't play it yet, so I'll have to go off of the trailer, but there are a couple of things that I could tell needed improvement. First off, get some voice actors and dump the UI entirely, if you can. I feel like having a UI at all seems rather strange for this game, especially one like that with the dialogue. Second, the animation seems to be at about 2 frames per second, which makes walking look bad. If you could improve the animation by adding more frames or even converting to skeletal animation, that would vastly improve it. Finally, I feel like the mechanics look rather lackluster, particularly when moving. I'm not sure how you could improve on it. I was nervous just watching the empty rooms from a blurry camera in first person at the beginning, but the third person camera just seemed to suck the life out of it. I'm sure you have a reason for the camera perspective, but maybe first person would be better, in this circumstance. It would make the world more immersive and horrific. Also, a lot of the gameplay in the trailer seems to focus on interactions where the object of fear is right in your face instead of mysteriously in the shadows, and that's what psychological horror is all about, isn't it?

Sorry for being so negative, but I know that criticism is way more useful than positivity in game dev. I honestly think that this could be awesome, although some things about it are keeping it down. Keep it up!