I ran a lengthy Kult campaign back in the 1st edition days (the sacrificial angel cover, as Nightchilde termed it). Great fun. Think of it as a surreal mix of Hellrazor/Books of Blood-era Clive Barker and the old Tim Robbins movie, Jacob's Ladder. The game is all about what the PCs DON'T see, and works best when you keep the players in the dark as much as possible. As a primer for the game, I used to have a fake article, posted on the old Kult listserv, that described a scene at the first world trade center bombing where people trapped inside described seeing very odd, horrific things creeping amidst the dust and gloom. It remains by far the BEST teaser for the game I have ever seen.
Anyway, if you like your horror more psycological than macabre, and don't mind the overt religious themes, Kult is a great game. It requires the right group of players to really make it shine, however.
As for Victoriana, I can't say much. I'm a HUGE fan of Castle Falkenstein, so my disappointment in flipping through Victoriana at the book store (Hastings, IIRC) may come as a surprise. The big turn off for me was the inclusion of halflings. That, to me, screamed cheap DnD rip off, and since it wasn't a d20/OGL book, their inclusion in the setting seemed to be nothing more than cheap pandering. If you are looking for a quality Victorian-era steampunk game with a healthy dose of the fantastic, hunt down a copy of Castle Falkenstein. You will not be disappointed!!
Tom