Yea, The Room had its issues, like you already said item storage + replaying half of the game again but the atmosphere was good and thats what matters for me in horror games.
Only Origins seemed any good (mediocre at best), I didnt play shattered memories yet, but I have it on Wii so... Homecoming was below avarage action game and Downpour, well, just a joke.
I personally hope that Kojima will run his own studio now and even if he wont create any Silent Hill or Metal Gear he could certainly produce a good horror on his own under his own brand.