I grabbed it awhile back because of the demo... The first water-y area had me going for awhile until I died and read the warning. Made it to what seems to be a safe zone, called it a day and haven't played it since... x.x
Granted, I'm a bit of a scaredy cat—Higurashi is about as much as I can handle. Horror is fine; it's the suspense and never knowing that kills me. ...and not having so much as a friggin' crowbar.
About the sanity meter, though: besides making it difficult to handle and causing hallucinations, are there any serious effects to letting it stay low for too long? I.e. will you lose the game? I kept running out of light, and it seems to refill really, really slowly. Even after huddling in a well-lit corner for several minutes, it goes right back down once I leave...