Halfway through Dead Space and I love how it tortures you with ammo. The game is very conversative with ammo drops and you want your bullets to count because surely aren't many of them. Worst situation, you will find yourself throwing buckets and boxes at the enemy, which is something you really want to avoid.
In the end I always choose the more economic weapon in the game so I can "beat the system". For me, it's a game inside the game, finding the challenge (ammo conversation) and beating it by using a weapon which use very little ammo.
So I do most of the game with the Ripper now, think of it has a glorified chainsaw. My battles are close and personal but hell, my backpack is full of ammo.
And I can see myself doing a game+ on easy just to kick all the enemies in the face with my pimp gear.