IGN has reported that both Silent Hill 2 and 3 will sport a brand-new cast of actors. Link.

I don't really know how I feel about this. The first Silent Hill game clearly had very poor voice acting, but I remember Silent Hill 2's and 3's to be quite good, if not great. Heather Mason's voice in particular is quite iconic to me; if they change her, it might put me off. Well, let's not depress over this yet, as we did not see any video of the game. I'm sure Konami is taking this project at heart, if they are willing to recast the whole games.

Good:

Maria/Mary Sunderland
Heather Mason
Vincent

Bad:

James Sunderland
Laura
Eddie
The entire cast of Silent Hill 1

Ugly:

Angela Orosco

I kinda remember SH to have notoriously bad voice acting, in every game. Or maybe it was the dialogue, I can't remember.
 
But if they're changing the actors, what else is changing? I'd like to see a bigger overhaul than just the graphics; I love SH but I already have the games, I don't need to buy them again for better textures.

Why would you try to capitalize on nostalgia and at the same time remove one of the most distinctive things about the game. It'd be like replacing the voice of Solid snake in the HD collection from David Hayter with Gilbert Godfried.

Unless Guy Chi is re-recording for James, they just lost a sale. 

James Sunderland's voice was the best part of that game

Unless Guy Chi is re-recording for James, they just lost a sale. 

I don't really know how I feel about this.

It seems like a stupid move. The original voice acting was far from top-notch, but replacing it makes little sense. They'll piss off a number of fans, and I doubt they'll increase sales. 
 
I wouldn't mind a replacement for Heather, as I found her voice intolerable (though, in fairness, the character was intolerable, too), but it doesn't seem like it would be worth extra spending. The voice work is bad, and it may hinder the experience for the younger set, which is accustomed to higher standards and didn't play Silent Hill the first time around. I can't help but think, though, that having new voices in game's with which I have incredible familiarity could be a little jarring. The best route would be to re-cast the same voice actors wherever possible and re-record dialogue in line with today's standards.
 
I'll probably pick the game up despite the changes and the absence of The Room (which was incredibly under-rated), but the way Konami is treating it - the nature of the announcement, the voicework, and such - makes me question the eventual price. Neither a two game Silent Hill set nor a MGS redux would be worth full price.

Yeah, I just didn't like the new VA's. Maybe it's just because I was used to the original ones, dunno... but what makes me even more sad is the fact that they're probably going to replace Heather's voice actress too, and she was almost the entire soul on that game. I'll probably get it in the near future, despite these facts.