Cautiously optimistic is a good way of phrasing it. I quit the series after being disgusted with minimal play of The Room and had no interest in going any further.

I'm unable to watch the trailer at work (and I don't think I would care to watch someone else narrating it the entire time, that would dissolve my immersion), but I did find a bit about it on the Silent Hill Wikia.

I really like this quote by Kojima and I think it's so accurate:

Honestly, I'm kind of a scaredy-cat when it comes to horror movies, so I’m not confident I can do it. At the same time, there’s a certain type of horror that only people who are scared of can create, so maybe it’s something I can do.
If this game turns into what it's capable of being, I would purchase a PS4 just for this.