It's a horror game, not that much survival though.
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Haha, just wait for the hotel chase, there you'll recognize that it is certainly a survival horror game.... or the Soggoth chase.
Cthulhu is an interesting mix of action, investigation and survival horror, but gets almost destroyed by annoying and illogical puzzles and very unbalanced difficulty. The gameplay is generally slower, a'la Deus Ex, but certainly not comparable with Oblivion. I also like the fact that you have to beware of Jack's mental state, because if you're careless, he may kill himself.
If you're seeking for a mature, very depressing (non happy-end for sure!) action adventure and can endure the annoying puzzles, you certainly will find your joy in this gem.
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Did you play it on the pc or the Xbox?
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PC. I already played through it last week.
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How's the replayability?
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I'm currently playing it a second time, but only because there's nothing else to play right now.
From a story perspective, there's no replayability.... but a few unforgettable moments plus the fact that I don't need to jump every 5 min to a walkthrough when I'm stuck now just lured me back. Enjoy it while it lasts! The game gets better, but also more stressful.