I normally don't bother posting reviews unless I feel a game really warrants it, and Haunted Memories really warrants it. Do not download, start, or play this game for any length of time. Review below separated into pros, cons, and conclusion/summary, but what's up here is the jist.
Intense atmosphere (initially)
Masterfully creepy sound design
Very poor lightning / graphical design: Horror games tend to be dark, and for good reason. Not being able to see very well, creeping around in the dark with only the miniscule beam of a flashlight to illuminate your path builds effective tension. However, when you search the entire map for something that was literally right next to your starting location because the lightning is so dim you literally can't see the thing unless you know specifically where it is and are looking for it in its exact location, something has gone very very wrong. Also, the constantly building "fog" effect just gets obnoxious after a while, blending the screen into an unappealing puddle of visual vomit and adding to the problem of barely being able to see a damn thing, even with the flashlight turned on while trying to view something right in front of your face. Really the only thing that looked particularly good was Slenderman, who, after a while, was less frightening to see pop up and more just annoying. "Aw crap, it's Slenderman agian, guess I have to backpedal a bit and wait for him to get bored and wander off." This sentiment however is mostly due to a mechanic which I will describe later in the review, you'll know when you get to it.
Unforgivably shoddy game design: This game isn't in early access anymore, and has been around for a very long time, so you'd figure by now the kinks would be worked out. However, I was faced with a bug about an hour in that caused me to have to restart entirely because a certain item literally just didn't spawn. I also "fell to my death" after stepping off a rock that was a dizzying couple of inches off of the ground, which is just silly and you think would be easy enough to fix. Both of these things I could have gotten over, however, were it not for the random teleportation. Let me separate this into its own paragraph so I can explain how it works.
About the time you get into the Green Inn, you start to be teleported around the map. There's no entity that causes this, you don't get too close to Slender or some other monster and it boots you through timespace to some other place, it doesn't happen if you approach some static object giving off an ominous red glow, it happens completely at random, so it's essentially punishing a player basically just for existing. If you're going to screw with your player, it should at least be in the face of something the player did wrong, not just because the game engine got bored. At first this happens infrequently, and the first two to three times it happens, it's vaguely startling - you're just suddenly someplace else, and you don't know why, and it adds to the tension. However, as the game goes on, the frequency increases, and it VERY quickly loses its "teeth", so after the 5th or 6th time it happens, it's become annoying. Around time 15, it advances to infuriating, and I imagine it was around the 45 or 50th time this happened, and I'd spent just shy of 45 minutes attempting to get to a single spot on the map and being teleported back literally across the whole thing, that I audibly said, "Nope!", shut the game off, and deleted it from my library. This is not helped by the fact that the character's stamina depletes quickly, the walk speed is incredibly slow, and the run speed would deeply embarass a one legged octogenarian.
I've seen a few people try to defend this purely inane mechanic as adding to the "difficulty", but that's ridiculous. Don't confuse tedium with difficulty. A random teleportation mechanic that erases progress because "hurr durr" doesn't make the game "harder". Again, if it were something that the player had to avoid, like a roaming entity or a particular object or set of objects, that would be difficulty, because it would be forcing the player to avoid the cause or face the consequences. As it is, it's just making you trek through the same crap over and over again unavoidably. If it's arbitrary and unavoidable, it can't be filed under "difficulty". For those in the class still struggling with this concept, an example:
Say you're playing a side scrolling shooting game, and you increase the difficulty from "normal" to "hard". This gives the enemies more health, and makes them do more damage, making getting through the levels require more skill, due to the heightened necessity of avoiding bullets and the greater need for accuracy when firing at your targets because they now take more bullets to kill. This is "difficulty". Assume you're playing that same game, and you increase the difficulty from "normal" to "hard", but instead of increasing the health and damage of your enemies, it makes it so, from time to time (not on a timer or anything, just at random but frequent intervals), your character freezes in place, looks up at the sky, and a massive shipping container full to the brim with big black ♥♥♥♥♥s falls out of the sky and crushes them, killing them and forcing you to restart the level. Sometimes this happens and sometimes it doesn't, but you can't avoid, predict, or control it. This is "tedious", and "tedious" is another word for "boring", usually with a side of "♥♥♥♥ed off".
You should NEVER arbitrarily screw your player over. This is especially damaging to the atmosphere in a horror game, which MUST, in order to maintain said atmosphere, FLOW. Constant resets in progress pretty immediately stop the game from being scary.
Conclusion/summary: What could have been a creepy, atmospheric horror game, were it not marred by overly busy visual design (digusting amounts of bloom, overemphasis on fog effects, awful lighting choices and ineffectual flashlight), the main charcter being a guy that I, a fat nerd, am confident that I could easily overtake in a footrace (it's a big map, we need to be able to get across it at more than a snail's pace), and what has to be the single worst game mechanic I have seen implemented since I started gaming in the mid 90's (seriously, screw that random teleportation nonsense). Not to mention a handful of glaring, chittering bugs, like the player being so fragile as to die by falling a few inches, and the lovely one where sometimes critical mission items just kind of will decide they aren't coming into work today.
IMO, avoid at all costs, unless you have the patience of a Buddhist monk and at least as much time on your hands as a death row inmate with 20 years of appeals still to process.