The bad graphics are a part of the horror experience :p.
But you already know Bio Shock, which uses most of the game mechanics of System Shock (but most of them are dumbed down), so there would be not that huge surprises.
LOL @ BioShock. There's a part where these splicers or whatever are trying to breach some glass to get you and you need to get into an elevator of something like that. It should be scary but people like me who hate scripted games usually wait a bit in those moments to see what will happen. Guess what happened? Nothing. They still did the same until game after 5 minutes or so decided that I was standing long enough in there and teleported me in next section even if I haven't stepped in that elevator. BULLSHIT!
Suffering I forgot to mention but its just like Vexus said, great at first glance, major bullshit afterwords.
But Vexus, you should really give Bloodlines a chance. It's best game ever imho. Pick a bloody Malkavian, you'll have a ride of your life.