It had good concepts and action that beat the hell out of the RE series (at the time), so I liked that. And it was actually a decent psychological horror game, instead of a zombie/slasher/gore type of horror game (despite the zombies and ancient god monsters). The problem is, right after this I played a real psychological horror game (System Shock 2) and it blew it away in everything but graphics.
But I did play ED enough to get the "true" ending. Like Cyan said, the gameplay was too broken... I would have preferred they swapped running around recovering magic as a way to recover sanity, but only if you kill all the monsters in a room first. On the other hand, I liked that it didn't have tank controls, and the dismembering was cool.
Like everything I've played by SK, it was a decent game that could have been better, but it wasn't bad at all. I do think it's the least scary horror game I've played, though.