It's a great Hulk comic, one of the best ever. Ewing is using ALL of the history and continuity, and adding a lot to the mythos. The comparison to the Jones' run is basically impossible. Jones only wanted to write a suspense story That happened to feature Banner and, maybe, the Hulk.
Ewing writes a fantastic Hulk. And, yes, Hulk works perfectly as a horror character. That's what he was originally after all. Also, we've had a lot of horror during the first Grey Hulk stories by PAD, that, in many ways, were like Hulk's original issues.
Again, this run has elements of all of Hulk's history, that you can check. The critical, both by professionals and fans, and the big commercial success simply are consequences of everything that I mentioned here.