For the longest time, I was convinced that this game would suck no matter what. But as I think about it, Silent Hill really did need a reboot or at least a re imagining.
Homecoming didn't get as good reviews as it should have due to playing it way too safe story wise, with the combat as the only real change. It followed the formula so closely, a lot of it felt no more than just fan-service. It referenced past games in a way too obvious manner.
It really wasn't even it's own game. Not like Silent Hill 2 and 4 were anyway. It didn't even feel like anything was really accomplished at the end. It's not like we stopped the evil Order from resurrecting God for the third time, although that would have sucked even more. All that happened was that Alex came to terms with his mistakes, which Silent Hill 2 did all on it's own without even having to mention the whole cult thing. I'm surprised it even did so well considering how much the fans smother any game if it doesn't fit perfectly within the story and timeline.
Really, the whole history and story from past games is so tight and full, that there is barely any room to expand. Fans cry out for a new Silent Hill game but demand that nothing be changed, resulting in a mediocre, clone of the past games. The whole thing chokes and restricts developers so much that, if they stay by the whole story and history of past games, no progress is made. They can't breathe without getting slapped by the fans.
A new title that rewrites the mythos rather than expanding it, or even adding nothing at all, is what the franchise needs right now.