The only bad thing about RE4 is it's bad controlling system. Look at protype or deadspace & compare both of them with Re4 & you will know the difference
Prototype is a traditional hack-en-slash title. So naturally the way the controls are handled are quite different to a survival horror game. RE4 was the only game in the entire series to completely remodel the control scheme. If you play the previous RE titles, you'll be even more frustrated with them.
If you give RE4's controls some time to get adjusted to, then it should be a roller coaster ride. It's that exciting. I have heard many of them cribbing about the control mechanics & how difficult they were. For me, it was the best way to focus on incoming zombie attacks & infuse fear. You stop, aim, think & then shoot. You can't go all Rambo as that would defeat the purpose of survival horror theme.
Dead Space handled in a quite similar way, if you have noticed it. It has borrowed a lot of elements from RE4's gameplay. For example, the over-the-shoulder camera, close range melee attacks, inventory system etc. The good thing about Dead Space being, it had a good setup & the necromorphs were pretty unique.
I guess both Dead Space & RE4 can be considered really great survival horror titles, but RE4 has so much more replay value then Dead Space. If you look at the modes you can unlock in RE4, you'll be amazed as to how much more this game has to offer. Not to mention, it's (RE4) single player mode is much longer compared to Dead Space.