Depending on the success of Shattered Memories its likely we wont see another Silent Hill considering Homecoming did so poorly.
I don't think Homecoming was /that/ bad. I really enjoyed the storyline, though the twist was pretty predictable - anyone that you constantly see but can't catch up since they book it into the fog is, in a Silent Hill game, is already dead.

I loved the bosses (especially after I realized that they were all the manifestations of the dead children), and Judge Holloway (SPOILER)turned out to be a crazy bitch. The drill is intense.