An odd game, or rather mini-story, that I would recommend, but DO NOT pay the full price. Here is a time where I wish Steam would have an "OK" recommendation instead of Yes or No.
Length-wise, Year Walk is rather disappointing. I do not understand that some people can take hours with it. Just by wandering around helplessly, and using only 2 hints, I ended up finishing in around 30 minutes, and that's with seeing everything that you can see except for the alternate ending. Immediately afterwards, I got into the journal, and I racked up my game time from sitting there at different pages--because I saw how many entries there were, I started cooking myself dinner while going back and forth to the journal. In reality, you can probably read and fully engross yourself in the journal within about 20 minutes, and I picked up on what I was supposed to do and got the alternate ending immediately. After that, there is no replayability to the game at all.
Now, when I first started the game, I sat down and read the Encyclopedia without going anywhere, and I was greatly interested in the folklore as it was described there. Afterwards, I ran through the whole game in one sitting. To be honest, nothing special seemed to be happening the whole game other than "Hey, look, you're encountering everything you just read about!" But besides solving a puzzle or two for each being, nothing really happened. Then you get to the end of the game and you're like "What just happened?"
By going through the alternate ending, you understand what happened. And as some people seem to argue that the ending means that the story can change, I argue on the other end. The alternate ending implies that everything is completely fixed and has no leeway.
What I liked about the game, essentially, boils down to the Encyclopedia, the Journal, and the alternate ending. I was rather okay with the first ending being this weird ambiguous mess, but to be honest, I didn't really like much of your first playthrough. You're given all of the beings you just read about... but it just felt somewhat cheesy and slopped together. The atmosphere overall was alright though, but I never once got a scared feeling from the game (even with my headphones and the dark).
I didn't pay full price for the game, and I am rather glad. Altogether, it is an interesting idea, but it is not much of your time. I understand everything in the game, but it's not going to engulf me and fill my mind forever like some people are posting on the forums. Rather, it's just a one-shot story that, while I did enjoy the story, could have used more development in the actual experience of the Year Walk itself.