During today's Sony press conference in Cologne, a new Silent Hillwas confirmed, and development is being helmed by Hideo Kojima and filmmaker Guillermo del Toro. Just let that sink in a moment.
The new Silent Hill will actually be starring Norman Reedus, of Walking Dead fame, and the actor appeared in the initial reveal video, just before the Silent Hill logo pops up. Prior to today's announcement, a demo for an apparent horror game was shown under the name P.T. The demo turned out to be a teaser for this joint project, because that's just how Kojima likes to do things.
A continuation of this classic horror series would be amazing, especially when a genius like del Toro is involved. The last few years haven't exactly been kind to the Silent Hill franchise either, what with the spin-offs and HD makeovers. Here's hoping the franchise will finally be getting the respect it deserves.
Anyway, here's a recording someone made of their playthrough of the PSN demo. Try to ignore the very obvious chatter and focus on the actual gameplay.