This may only seem tangentially related to Shattered Memories, but I finally today beat Silent Hill Homecoming on my PS3 and rather enjoyed it (once I finally got past the sewers and the difficulty level dropped like a rock). It's very much a culmination of all the Silent Hills that have come before, particularly Silent Hill 2 and the Silent Hill movie with some stunning art design and an interesting story.
Unexpectedly, though, I find Homecoming very similar to another game I beat recently: Final Fantasy 9. It's a culmination and homage to what's come before, and after that symphony of of blood; rust; flames; and fan blades I think I'm finally ready to accept Shattered Memories as a new direction for the series. I'm not sure why they needed to essentially reboot the canon, though.