Well, I finish Episode 5 and now going to do Episode 6... I like the way the game presents itself. There is "in the next episode" feature that gives you a glimpse of what's coming next... and it feels like a TV Mini-series sort that each episode ends with an unexpected outcome...
I don't know about you guys but "Siren: New Translation" is a total makeover, although some concept and story plot are similar to the original "Siren" PS2 version, this one is a thumbs up for me for "not being too difficult to play, but just the right balance with more scares" category for me. I like the PS2 version but I never manage to finish the game because of some tough situations where "sightjacking" can be so disorientating to any gamer trying to figure out where the Shibitoes are... at least "Siren: New Translation" gives us at least a split-screen idea where they are... for instance in the Saiga Hospital, there are 4 floors to explore and "sightjacking" is very useful to figure out where they are unlike the original "Siren" in PS2.

(The original "Siren" PS2 and the new "Siren: New Translation" for PS3).
About playing this game the second round, yes... there is a replay value in this game. If you finish this game by following the objectives and sub-objectives, you will miss out some Story based Achievements to get the whole entire story of this game. So far, this is what I have collected after finish Episode 5:-
Story:
1). The Sacred Revelations (can be extended)
2). Video Camera
3). Howard Wright's Student ID
5). TV Episode Proposal
6). Melissa Gale's Cell Phone
7). Sam Monroe's Faculty ID
11). Bella Monroe's Diary (can be extended)
13). Melissa Gale's Locket
14). Sol Jackson's Press Badge
16). Amana's Diary
17). Seigo Saiga's Driver's License
20). Seigo Saiga's Notebook
21). Yukie Kobe's Planner
22). Mana Cross Brooch
The Story based Achievements total is 50... so you have to fully explore each episode to discover each and every one of them.
There is also Weapon based Achievements too (also total 50):-
2). Hand Rake
3). Iron poker
7). Alto Recorder
13). Bowling Trophy
15). Hand Sickle
17). Hacksaw
18). Froe Axe
20). Scalpel
21). Kitchen Knife
24). Metal Pipe
25). Shovel
39). Sake Bottle
44). .38 Caliber Handgun
45). Double-Barreled Shotgun
48). Hunting Trap
49). Signal Flare
Some Weapons based achievement can be found easily and added to your achievements while other items you need to look for it (you need to hold the items in order to add them... I missed out the White Guitar)...
Sorry, these are not Trophies for PS3... but who knows, if Sony suddenly got a new update for this game, there will be Trophies for it... so keep looking.
Playing the game by following the story will end the game faster... hence, how short this game can be... but if you explore the area of each episode, it extends the gameplay a little longer. So this game actually is worth playing a little longer...