To me, RE has always been more about action than horror, not that that's a bad thing. RE games have their own brand of horror that combines the entertainment value of shooting things (especially with shotguns) with the feeling that something might jump out at you at any time and chew you up. I enjoy that, but I wouldn't call it true horror. As long as it's entertaining, I'll go with it, and if they manage to get some genuinely scary parts in there it's a bonus.
Honestly though, RE games have never scared me, except for the Regenerators in RE4; those things are nightmare fuel.
Occasionally I've been startled by things suddenly jumping through windows, but that's it; my cat achieves the same results when he decides to ambush my leg from under the table.
lol
I'm really looking forward to having co-op again since RE5 is one of the best co-op games I've played. The game's graphics look great too, plus there seems to be a bit more variety in the way characters fight.