In the new issue of Game Informer, there is an article about the game. It details a demo that the staff were witness to, and includes tidbits from one of the developers.  
 
I must admit that I wasn't pleased with the last 3 installments of the game. So when the trailer was released last year, I didn't pay much attention. 
 
However, after reading this article, I am VERY intrigued. Now it is on my radar, and I need more info.

Sweet I had no idea there was gonna be an article about it. Can you give us a brief summary of what they thought of the demo? I loved Homecoming, 1 and 2 but hated the shit out of 3. Hopefully this game will have something for me.

Yes, please give us some info! They were very tight-lipped on the website, but hopefully they'll flesh it out soon? Not sure how they do things, but regardless. News!

A lot of the stuff covered in the article we have on the wiki page. Some of the more interesting items I could remember off the top of my head:

• Game is set in Southeastern Silent Hill, a part of the town we've seen on the map but haven't explored before
• Water will play a big role, both thematically and gameplay-wise
• The game will be about 10 hours long
• Combat is like the original titles, with an emphasis on 'hit and run' or stealth tactics because combat is discouraged
• The game features a weapon degradation system and no weapon inventory - you can carry one weapon, and when it breaks it breaks
• There will be additional sidequests that open up depending on how you play the game - think Shattered Memories, but probably more advanced (hopefully)
• Puzzle difficulty will be more like the original titles and have it's own difficulty setting (YES)
• The town is very large, so you can use the subway system to travel to different locations quickly
• They're aiming to take the title to new places, so we won't see the usual hospital or school locations

Have this issue of Game Informer sitting on my table, need to get around to reading it, has alot of potential with Skyrim, Downpour, and Uncharted 3.