Nope, it has a lot of enhancements.
Enough so where it's considered a remake by the fanbase, although the leap really isn't much more than what it was going from the PS2 version to the Xbox edition. If I didn't prefer 1st person, it would definitely be the definitive edition of the game (As I recall, you can only play from the Fatal Frame 4 style 3rd person behind the character viewpoint).