It's good. Not as good as Silent Hill 1 or 2, maybe 3, but good. I like its atmosphere and concepts, but it's very different from the other Silent Hill games, and it's very unbalanced after midgame. It's terrifying somehow.
Looks like Silent Hill more than 4. It's definitely not a bad game, it's just not as good as 1-3 (and maybe 4). Silent Hill Origins has the atmosphere.