I'm still up in the air about this one after silent hill 4.

I really liked the atmosphere in silent hill 2, genuinely terrified me at points, hopefully this looks to be more inline with that. Silent hill 4 i believe, wasn't even intended to be a silent hill game originally

Silent Hill 4 is uber underrated.  At least it tried to make something new of itself.  If this is anything like Origins(the comparison has been made) then it's going to be a poor mans attempt at emulating what the series is all about.

I really don't like the idea of Konami farming out one of their strongest and most critically lauded franchises to an American development team who's best title was the auspicious but underwhelming Marc Ecko's Getting Up. While the graphics are looking pretty good, I'm really not feeling the direction of this title and Konami's decision to change its name from Silent Hill V to Silent Hill: Homecoming I feel is an indication that they want to steer this game away from the canon.

If anything that makes me feel better. 

I don't think changing the title has anything to do with it straying from the canon. In all actuality, while there are some plot threads that connect a couple of the installments to one another, each game is pretty much its own individual entity with their own unique characters and storylines. That's what makes the series great, IMO. It was proven that a team other than "Team Silent" could do Silent Hill justice with Origins -- though it wasn't amazing, it was still very good and most definitely felt like a Silent Hill game. The first couple of screenshots released for Homecoming weren't mind-blowing, but it's clear from the E3 presentations and the newer trailers that the visuals, especially the facial animations, are quite exceptional and the story seems very interesting. I'm just afraid that too many people are coming to quick conclusions about this game already without really looking into how much progress has been made. At least there are teams out there willing to carry on this legacy now that it seems as if Konami is through with it, and the development team in interviews say all the right things and really seem to know what Silent Hill is all about, instead of taking what I call the "American horror" route and having a sub-par, give or take plot combined with cheap jump scares. Everything I've seen about Homecoming is very much in the vein of Japanese horror, and very much in the vein of Silent Hill in general.

I'm not declaring that it's going to be great, obviously I haven't played it, but I wouldn't rule this one out just yet over the fact that it's a different team and that the first batch of screens weren't super impressive.

That's true, but can we agree that progressive thinking is what drove this franchise well?  SH1 to 2 wasn't a huge massive leap but alot changed.  Origins was an okay Silent Hill 1 wannabe.  Homecoming looks to be the same.  That's almost worse than trying something a little out there and possibly failing.

Well they have added several new things, like a new combat/aiming system that borrows from the Resident Evil 4 over-the-shoulder trend (hey, why not? it works!) as well as "dialogue trees" ala KOTOR and Mass Effect that of course allows you to ask several different questions when you encounter an NPC. And really, I won't lie, I don't ever want them to change up Silent Hill too much. Add stuff, fix problems, but keep the Silent Hill feel completely intact. That's what I think Homecoming has done, but we'll see.

I'm willing to give it a shot, if only for the reasons you just described.  I'm just hoping it's not another case of missing the point syndrome.

Without fixed camera perspectives / crane movements and a totally HUD-free gameplay, this game will suck atmosphere-wise. I am not much of a cynic when it comes to games and I would very much like to hype Silent Hill 4, but omitting the cinematic camera-angles from the game is instant fail, much like Silent Hill 4s dozens of HUDs and "improved" battle system were instant and epic fails.
(I thought Silent Hill 4 did many things right, especially in the story department, but these kind of design choices are what absolutely ruined it)

The use of these camera-angles and movements was one of the stronger points even in the movie adaption. Yes, I too have been attacked by a creature I didn't even see because of these camera angles, but this is such a minor gameplay issue that is worth the increase of atmosphere a thousand times.

It's a real pain to see what Konami has let the series deteriorate to.