First, the game doesn't have a lot of what I would call "quick time events", unless you're counting having to disarm and rearm the traps. It does have the worst combat system this side of Silent Hill: Homecoming and, in fact, makes SH: H look like an improvement by comparison, but I can almost let that slide just because it's not really a combat-heavy game. It just makes the few instances where you do have to fight really, really annoying.
Yes, I am a fan of the Saw movies. I don't know why, clearly there is something fundamentally wrong with me. I have seen all five of them and I fully intend to see the sixth this week. So let's just give a quick rundown of how this game panders to the Saw fanboys (and girls): James Wan and Leigh Whannell, creators of the franchise and writers of the first movie, were brought in to write the storyline and design original traps. They got the original actors from the movies to reprise their roles in the game, including Tobin Bell as Jigsaw (this doesn't mean the game has quality acting by any stretch, though: I'll be the first to admit the Saw franchise isn't exactly renown for the acting chops of its cast). Aside from the original traps, some fan favorites like the Reverse Beartrap (seen in all of the trailers, so that's not exactly a spoiler) make a reappearance. So as a love letter to the Saw fans, it could have done a whole lot worse.
Since I lapsed into writing a game review and I can't seem to realize this should go onto a blog or something, I'll press on: is it a bad game? They answer...not really. I mean, I wouldn't call it the next Silent Hill (like Konami is, according to the Wikipedia article, anyway). It's actually a pretty solid survival horror puzzler. The story is decent (although Saw fans will notice a gaping plot hole or two), they add an interesting element of painting the "enemies" as being as much victims as you are and got a very hefty collection of dialogue and soundbites for them to shout showing a variety of emotions and reactions, to the point where I didn't notice any repetition until chapter five or six (of seven). This goes a long way in adding an unnerving quality when you have to fight against these people. The atmosphere is wonderful, faithful to the movies but also reminiscent of Silent Hill at its best.
The problem is that for a puzzle-based game, the puzzles are really repetitive to the point of being annoying. Three puzzles in particular come up all the time, even on the big traps that close each chapter, and while they might have been unique and interesting the first time they come up, by the eighth or ninth time you're doing the same type of puzzle it's just tedious. Some of them are also rather obscure, and when so much of the game operates on a time limit, it's like they want the player to fail just to show off the impressive death sequences. At least the game sprinkles around "checkpoints" liberally, cutting the player some slack. Creating your own traps is pretty much useless unless you're unlocking achievements, although rigging existing ones to take out your enemies is useful.
So my long-winded point is that it's not the biggest waste of time. Since there's no replay value, it's definitely more of a rental than something to buy unless you're a die-hard Saw fan (since even with the gaping plot holes, it's considered canon in the Saw universe). It brings some new things to the table, and for that it deserves props, but it's hardly going to delight anyone but the most faithful of Saw fans (even though it tries to be accessible to those who haven't seen all or any of the movies).
ETA: Oh, and I fully admit the last trap where you have to save a victim is utter fail (the ending of chapter six). It looks less like a Saw-worthy torture device and more like they threw together something vaguely torture-y to call it a day. And yes, how you're supposed to solve it is also the height of lame. Although on the plus side, for once the game was released on the same day in the US and Australia, so maybe that means Yahtzee will review it soon.