[Emu]

I've only played a little bit of it, but it doesn't seem that bad. I can't vouch for the PSP version as I haven't played it, but here's a quick list of what I've got so far:

Pros:
- Good music, as can be expected from this series.
- Graphics are somewhere between Silent Hill 1 and 2, but flow very smoothly. They also have a little of that gritty low-resolution charm that made SH1 scary.
- Goes into detail regarding the origin of SH1 (of course.)

Cons:
- Dialogue is slightly marred by cheesy lines. No surprise there.
- No extra content as opposed to the PSP version (that I'm aware of)
- The game's use of the cult's magic seems much less subtle than in the first game, at least so far.