Well, the PS2 version is being ported down from the original Wii version, which the developers are hoping will look like a PS3/360 title except running in SD. It'll probably look slightly worse, which is pretty damn nice for a PS2 game.
The gameplay is going to be nothing like any Silent Hill game before it.
Check it out! :P http://wii.ign.com/articles/971/971316p1.html http://www.youtube.com/watch?v=k2nAbVcdxOU