I won't lie, this game looks like it will be...not so great.
Seeing as how almost every trap will be a 1-hit kill I can see most rooms becoming a case of 'save game, run blindly into room and note down location of trap that kills you, load game, enter again armed with this knowledge and harmlessly bypass trap' (what myself and a friend call 'in-game precognition', that being where the player knows everything about the situation because they've been able to do it again and again unlike their character).
While a game consisting of avoiding mutilation from instant-kill death traps is very fitting when we remember it's SAW it also has a problem of possibly being a very irritating game because something like this could very easily become a war of attrition or a case of trial and error. There won't be as much thought or cunning as the developers would like to think because most challanges could be completed using the tried and tested 'throw enough mud at a wall' approach.
Outside of that it looks like it'll also be a parade of gore/violence and shocking images and moments. I'm normally fine with that (hell, I enjoyed Manhunt) but there's a fine line between a game that uses these things effectively (such as Condemned) and a game that will throw them in for the sake of it (which is what this looks like it will be).