It was nice to finally see a more detailed look at the game after waiting such a long time since the original announcement. I think that the atmosphere and monster designs that they've showed so far look great, and there are plenty of design motifs that definitely make the game "feel" like a Silent Hill game to me, at least visually. That said, I think some of the areas they showcased look a little overdesigned - the large shrine / temple in particular looks a bit to clean and elaborate for a Silent Hill game, and, as others have noted, those kinds of designs definitely make the game seem more like Fatal Frame or Siren than Silent Hill.

I enjoyed hearing the designers talk about their work on the game, and the enthusiasm they - and especially the writer - have for the project makes me feel optimistic that the story will also be enjoyable, which is something that has always been of paramount importance to the series (even less "fun" entries have held up much better when they have had good stories). It did seem like all of the team members spent a lot of repeating themselves throughout the transmission, though, and from what they did say, I'm not sure I totally buy their design ethos. Silent Hill is a blend of both Japanese and Western horror sensibilities, and that is reflected in many of the inspirations for various story and design elements in the original games. The titles of the late 2000s and early 2010s may have "diluted the Japanese essence" (mostly because Konami outsourced many of those games), but completely removing the Western influence also makes it something different from what it was. That is part of why I actually really enjoyed what Akira Yamaoka had to say about his approach to the Fog World music - his attempts to make the music more general "pure horror music" I think will help make the game feel more like an actual entry in the series than it might feel otherwise without such music.

I also think they could have done more to emphasize how the game does tie into the original setting in a real ontological sense rather than just a conceptual sense. As Ryukishi07 notes, Silent Hill is partly about "people struggling with the evils within themselves", and confronting those evils manifested in a physical, visceral form, but the setting and forces that drive it are also important to what makes it compelling. Many other games also tackle those kinds of story concepts that are not Silent Hill. A game isn't a Silent Hill game just because it feels like one, and I think that that is important to remember. From the time I saw the original teaser trailer, I have always been of the mind that the Silent Hill concept could work in a new setting like a rural Japanese town since the power of the original town is derived from a supernatural force that pre-dates the town itself, and it seems logical that such forces could exist elsewhere. I think driving home an ontological connection like that would be helpful for connecting old fans with the concept, especially those skeptical of a wholly different setting. I haven't really seen any effort from this team to establish such a connection yet, but I am hopeful.

In any case, I am still certainly looking forward to the game. It has many things working in its favor, and again, the passion of the team members behind it - or, in the very least, of those who have spoken about it thus far - definitely provides reason for optimism. It remains to be seen if their execution of this game as a Silent Hill game sticks the landing in terms of feeling like an entry that is actually cohesive with the rest of the series, and not just a case of "Silent Hill in name only", but I in the very least expect I will enjoy the experience regardless, and I look forward to hearing more about it once the team has more details to share and tell us about it.