It's node-based teleportation and isn't as bad as people are saying tbh. There's no 360 option yet (but they're working on a patch to bring it in) so when you teleport you just need to face the front to be facing the right direction.
The thing is that the game is pretty much a point-and-click type game. If the developers allowed players to teleport wherever they want to or had traditional stick locomotion the game would be impossible to complete. Those nodes teleport you to the exact places that interactive objects are located. If you had players teleporting anywhere they wanted or had free locomotion to walk anywhere they wanted then you'd find it VERY difficult to find these interactive bits and pieces.
It's actually one of my favourite VR games since I got my Rift. If you put a Noir film, an episode of the Twilight Zone (back in the days when it was awesome and in black & white), a shitload of classic horror films and Hitchcock-style suspense film into a blender and then threw yourself right in the middle of the mixture that's what you get.
The bosses and boss fights so far are excellent (and I haven't finished the game yet) and the voice acting is top-notch.
There's also a good amount of content, no idea how much time I've spent playing it because I never do have a clue when playing VR games because time goes so quickly in VR. You think you've been playing for half an hour and then take the headset off and realise that you've been in VR for three or four hours lol. Apparently there's something like 10 hours worth of play through time I think.