GP, I actually sold Homecoming. It's very slow-moving and kind of dull. The boss fights are interesting, but the dodge mechanic is woefully unreliable in close-quarters fights. Whereas SH2 and SH3 kind of move you right along, Homecoming leaves you to wander aimlessly way too often. Creature design is okay, but not as mind-blowingly "wrong" as SH3...
Well, it looks like I have the entirely opposite opinion of Homecoming as Halbred. From a gameplay standpoint, Homecoming is probably my favorite Silent Hill game. It's fairly linear compared to the first game and Silent Hill 2, but considering there's practically nothing to find in exploring the town in any Silent Hill game outside some med packs and ammo that's fine by me. I found the combat system quite enjoyable, thought the dodge roll is very unreliable and the game doesn't handle fights with multiple enemies very well. The game's also hard as sin for the first 1/2 of the game unless you really go out of your way to find all those hidden items early on and you get a really good handle on not getting hit. The environments are very nicely done, especially the Other World, and I found the story very good if not up to the standards of SH 2 and 4 (at least the story this time is fairly easy to understand without having to read plot analysis FAQs, unlike SH 4). I especially appreciated the (many) stylistic nods to the Silent Hill movie, which I thought was very under-appreciated in the theaters.
So in general I recommend you check it out, especially since you can find it pretty cheap these days.