Just finished it myself.
Enjoyed it greatly except for two of the backtracking areas (areas 1 & 4 which I thought were the worst out of the bunch the first time through). I actually liked the way the boss fight was setup both artistically and gameplay-wise.
I accidently left a certain "someone" in a room which I thought had no enemies for AN ENTIRE WORLD. Come back an hour later and realize that there had been a bunch of moths in there and that person was horribly murderfied
So needless to say I got the worst ending >_<
Still I thought it had a great story, beautiful room designs (in a warped way), great music and the best action engine of the bunch even if the auto-aim was screwy with guns.
Silent Hill is a series that I wouldn't mind if they kept making a sequel a year forever as long as they could keep telling interesting stories. Also I think the implementation of 1st person/restricted inventory/no bosses/no riddles/
gave the game a fresh feel as opposed to feeling like more of the same. Though not everything works, I still applaud them trying to be creative.
I'd put it a bit it something like this I guess SH2>>SH4=SH1>>SH3. SH1 gets a major boost for actually being frightening, same with SH2. For some reason nothing in SH3/SH4 was really scary, I dunno maybe I've grown used to Silent Hill and it doesn't disturb me anymore. Now I just appriciate it's fucked up nature artistically instead