I haven't played Outlast yet but I have played a Machine for Pigs and here's my thoughts.
The Good: Pretty good graphics, great music( Mors prematura is great at creating a uncomfortable feeling and use perfectly well in the attack scene on London) Interesting story, the attack on London was awesome, Good acting.
The Mix: The story is kinda predictable
The removal of the sanity meter
The Bad: There's hardly no challenge, the puzzles are far too easy, the game is too liner. The game more like Dear Esther than Amnesia which I didn't mind if it was The Chinese room's original game but carrying the Amnesia title probably caused every one to be hyped up and then let down.