Well, I got it.
It pretty much is just a glorified media kit, but for fans I'd recommend it.
It's an interactive guide, having SH1-4 (+movie) trailers, music, the comics accompanied by Yamaoka music, an interview with Gans and Yamaoka about the film and a seperate interview with Yamaoka. There's also a 'theater' that shows images from SH1 and 2 (they left out 3 and 4 for some stupid reason).
It also gives you a good look at how Midwich Elementary School might look on PS3 (since I think the details and textures look better than anything on PS2). Basically you navigate around the first floor of the school, finding different things to open up (like the music, interviews, etc.).
I expected a pretty detailed collection of music (like in the Lost Memories DVD), but it only has 20 songs total from the four games, apparently Yamaoka's favorites. Pretty weak, but I'm still not too clear how much space those UMD's have...
I only got through a little bit of the first comic, Dying Inside, which so far appears to be trite from people that apparently don't know Silent Hill from Starbucks- but the presentation is pretty cool regardless.
There's suppose to be 'rare video content' from the series, but I've yet to find it. -_-
Overall, probably not worth $20, but if you are a fan you should probably get it- mostly to see a pretty cool, updated Midwich.