No, the game can be very tense the first nights (3rd night is a pinch) but at that point it becomes more of a frustration, the only ones that can jumpscare you are Freddy and Foxy, the others will only attack when you lower the camera monitor.
However, I really love the background story of the game, it is very similar to P.T where there's nothing really said, just hinted at.
I spent a lot of time on the Wiki and read a lot of theories - or just information about the different character - on what happens, who the guy is etc.
There's a lot of mystique and vague things in the game (poster changing, animatronics have hand prints etc) which can be puzzled together and that is the kind of story telling I love the best (same with P.T if you've watched the solution and also pay attention to what the guy on the radio says at the beginning.)
https://www.youtube.com/watch?feature=player_detailpage&v=th_LYe97ZVc&list=PL35FE5C4B157509C9#t=147 Watch the video and you'll understand what I mean
Now, if you were a cynical person, you could just say that the developer put in some vague shit and then decided to roll with whatever theories the fans came up with, however I like to think that it's thought out and further builds upon in FNaF 2 with all the minigames (which is made in a creepy Snes kind of way https://www.youtube.com/watch?v=d1kw1RmzrPc )