One thing that really worked for P.T. was that is gave me chills and goose bumps while IN DAYLIGHT! I missed the starting of Spookin' and so I watched it when the upload was put up and it still got to me with my bedroom light on during the day. That gives me high hopes for the full game.
I'm pretty sure Kojima himself won't end up being involved in this game's writing or art direction at all. It'll be his studio's engine and a bunch of his employees working on the project. No MGS-silliness. I'm willing to bet on that.
I hope you're right. I love me MGS/Kojima, but Silent Hill is a different beast from that series. I hope this is good. Loved me 1-3 and The Room was alright, but after that it's been down hill.