I played the first chapter last night. This game probably isn't going to be for most.
It looks more like a PS3 game with improved resolution, I guess since it's cross-gen that's exactly what it is.
It does have the black bars top and bottom, but it doesn't bother me. They are quite clearly going for a restricted FOV, even without the bars it'd be restricted. It's by design to add to the sense of tension that these types of games depend on. This is then compounded by the way the protagonist (forgot his name already) moves at times. For example, in Ch1 he gets an injured leg (not saying how so no spoilers) and then limps around. The camera and restricted FOV, plus his limping which seems to generate an effect of camera shake with the limp (even though I don't think the camera actually shakes) results in a sensation of restricted control. In reality your control isn't restricted, it's just a feeling you have. The game has performance issues as well, but that doesn't explain the controls exclusively.
So far I like it, but I'm typically a different type of gamer.