Well, do you like the rest of the Silent Hill series? If so, there is a good chance you'll like this one as well. I am in the middle of it, and like it. In the past month (or so) I've bought Homecoming, Bad Company 2, Crysis Warhead, NBA 2K11, Devil May Cry 4, Far Cry 2, Bioshock 2, and Avp. Since I got it about 2 weeks ago, Homecoming has been taking up the majority of my gaming time.
In comparison to the other Silent Hill games, it's better than 4, and about tied with 3 IMO. 1 and 2 > the rest, again, IMO. The story, thus far, seems weaker than 1 and 2 for sure. Though the atmosphere is there, the creepy music, strange characters (though not as developed as 2), messed up enemies. Even Pyramid Head makes a return. Gameplay is very similar to 1,2, and 3 for the most part, except for the new combat elements. At first, my initial impressions where that the enhanced combat lessened the frightening atmosphere a bit, but farther into the game, I have changed my mind. Combat is easier in the earlier areas, but once the enemies get tougher, it's just as "scary" taking on them on. Running is a good idea in a lot of cases. Same puzzles and such as the other games in the series. Lots of dropping into holes, reaching into holes, climbing through holes in the wall, enemies coming out of holes, etc. Usual Silent Hill stuff.
The biggest negative I would have is the performance. FPS is capped at 30, no matter what. It makes it seem terribly sluggish, but I guess that's what the console crowd deals with, so yeah. I couldn't get AA to work either. And the graphics aren't very good, only takes my GTX 460 to about 35% usage maxed right out at 1920x1080. But the lighting, atmosphere, and art direction make it work well enough. Textures are straight from a Wii game or something though.
EDIT - sound works fine for me.