Metro: Last Light has the whole atmosphere thing down pat. This is an incredibly immersive game that sinks its hooks deep within you and never lets go. Its dark, moody, and oppressive environments lend a sense of drama and fear to the gameplay. Last Light knows that what you don't see is often scarier than what you see, and what you can barely see is even scarier than that. Monsters slip in and out of darkness without any warning or announcement, and as a result, the experience is made all that much more realistic.
Sound design is easily one of Last Light's strong suits. All of the characters are expertly voiced with the best Russian accents I've heard in any game. These survivors are full of humanity and humor, and they are a joy to visit with. Gameplay sounds are even better: when you're exploring the untamed subterranean wilderness, silence dominates. When monsters appear, they do so without any fanfare. They just slink out of the darkness and approach with deadly urgency. The music is also excellent, lending a sense of gravitas and pure emotion to the already-involving story.