The king of tension is still the king of tension, but not a lot else. Silent Hill: Homecoming upped the ante from a graphical perspective but kept all the old PS2-calibur gameplay choices, and that really weighs the game down. Trying a hundred doors before you get to an open one is just annoying, and having to get up close and personal to dangerous enemies in order to deal damage to them (melee combat) just isn't fun. There is the option for gunplay, but ammo is still scarce. The player has new combat abilities including dodges (actually present in SH4) and counter-attacks, but in general, combat is an activity best avoided. Homecoming will be fun for series veterans, but newcomers will likely warm to RE5 or Dead Space before this latest Silent Hill jaunt. This is not to say that Homecoming is a bad game--it's just archaic. But in order to regain fans, the series will definately need to evolve.
Dead Space is already getting a prequel for the Wii called Dead Space: Extraction. Although technically a rail shooter, EA cautions that it will be unlike any rail shooter that's come before, and all of the abilities of the first game, including stasis and kinetics, will return here. The game looks absolutely incredible: EA has broken the "Wii" barrier for graphics. Interestingly, the Wii is also getting another RE game, a sequel to Umbrella Chronicles called Darkside Chronicles which will likely focus on parts of the RE storyline left out in Umbrella Chronicles (most of RE2, Code Veronica, maybe RE4). Finally, even Silent Hill is showing up on the Wii soon. A remake of the original PSOne game is on the way, called Silent Hill: Shattered Promises. It will not be a rail shooter, but aside from its remake status, details are scarce. Anyway, it's a good time to be a horror fan, as there are lots of choices right now!