The game's due to release sometime next year.
The press release notes the following on the game's storyline:
The survival horror experience begins after a prison transport vehicle careens off the road, leaving lone inmate Murphy Pendleton stranded in Silent Hill.
Gamers will encounter mind-bending puzzles, as well as horrific creatures and other world terrors using everyday objects from wooden chairs to glass bottles to fend off their enemies.
The natural response, fight or flight is left to the player as they unravel a dark, thought-provoking storyline which will appeal to fans of the early, classic Silent Hill series, as well as anyone who enjoys a deep, psychological horror experience.</blockquote>
Apparently different side-quests will unlock depending on the way the player interacts with the game. Potential for incredible increasing. We hope this gets really good PlayStation Move integration.
Honestly we'd love to tell you more, but details are super scarce right now.