A portion of an IGN interview with executive producer Steve Papoutsis...

IGN: Dead Space for 360 is a third-person action game. This is not true of the Wii version. The title shares more in common with Resident Evil: Umbrella Chronicles, right? Please explain how gameplay works.

Steve: Our gameplay takes advantage of a guided and cinematic camera which allows us to frame the action on screen and deliver fantastic and gripping action sequences packed with loads of scares. We plan to evolve the game by focusing on a frenetic first-person perspective that we believe will enhance the tension and horror the player experiences as they play the game. The unique gameplay and first-person perspective allows us to combine a high action horror movie experience within an interactive environment.

Dead Space Extraction also retains the core gameplay mechanics from Dead Space, like strategic dismemberment, weapon upgrades, stasis, telekinesis, alternate-fire modes, and more. But, we are added a lot more on top that like I previously mentioned with the addition of co-op play, for example.

Full interview here