It does have a lot of replay value because the gameplay loop is tight, and the foreshadowing work is so outstandingly tight that every in-game conversation has a second layer of meaning once you know the story twists.

Also they added a photo mode and I kinda wanna do a NG+ just for that.

Honestly, I think knowing might help get through chapter 1. You know something's up almost immediately, but they drag the mystery out way too long for my patience, where I felt like I was being fucked around with and having my time wasted. I would have dropped it if not for my partner insisting I'd like it, and the rest of the story did end up being worth it.