Agree! Even as a long time Silent Hill fan, who should treasure the old installations above all else, right?, I can easily say that the chase sequences of Shattered Memories were among the most intense experiences I ever had with the series.
Konami always struggled with the combat system, failing to make it feel satisfying (unresponsive controls) or using it as an instrument for horror (often you became too powerful), which is why I admire Climax for taking the consequence and removing it altogether. While not perfect, the chase sequences instilled a truly terrifying feeling of helplessness that I had never experienced in the earlier titles.
Also, Climax seemed to grasp the basic principles of Silent Hill lore much better than, say, the people who produced the movie and the devloper's of homecoming, who basically copied fan-favorite elements of previous installations and added some visual flair, while neglecting what really made the original trilogy stand out - e.g. the storytelling, melancholic atmosphere and deep character development. Again, i think Climax did an excellent job in keeping those elements intact in SM, while at the same time managing to engage the player in the storytelling in a meaningful way.
As a result, for me SM became a unique, personal horror experience unlike anything I had previous experienced. The nightmarish representation of Silent Hill and the development of the story felt as a direct consequence of my personal playstyle and mentality, which is exactly what the old games have always been communicating through its plot and characters. Maybe I'm too easy to fool as I never managed to break Climax storytelling algorithm (and believe me, I tried), but honestly... I don't care. It worked for me, as it seems to have worked for many others - and as such it was a great accomplishment by the developers.
So, relating all of this rambling to the topic at hand. I'm slightly saddened to see that Vatra, judging by the trailer, is seemingly going back the, modern, traditional SH route of especially the movie adaptation and Homecoming. It looks like your standard thriller tv show with mystery, intrigue and cheap jump scares, and while this is not necessarily a bad thing, it doesn't have much to do with SH obscureness of old, nor horror in general.
As such, coming from Climax' fresh, but slightly flawed, take on a series, which had long since grown stale and desperately needed a breath of fresh air, it feels like Vatra is ready to bomb us several years back into SH existence, unfortunately. I wish them best of luck, but at the moment I'm not keeping my hopes high.