It's strange.
I'm not even torn up about this and I'm one of the biggest SH fans you'll find on this forum.
I guess I've just gotten so familiar with Konami's poor handling of... well... pretty much everything in the past 10 years that I've slowly grown accustomed to disappointment from them.
Silent Hill, as a series, was a candle that burned twice as bright, but burned out quickly. The series has been dealing with poor upper-management handling since as early as the 3rd game. Even though that game turned out amazing despite the changes requested from up-top (i.e. SH3 was originally not intended to be a direct sequel to SH1), The Room was really the prime example of KCET wanting to simply milk the SH name and start cutting corners to pull any profit they could. Again, the creative minds behind that game still managed to create something unique and special, but the lost potential for that game is still incredibly heartbreaking.
The days of telling guys like Toyama, Imamura, Sato, and Tsuboyama to "Just make your game" were long over.
Then the core of 'Team Silent' was disbanded.
Then Konami knew they could outsource to low-experience foreign developers for a fraction of the cost.
Then no fucks were given and the series whimpered off, despite admirable efforts from CLIMAX and Vatra.
I was never crazy about Kojima being on-board a SH game. I never felt like he had the nuance to do justice to the original games. Sure, he could make it bat-shit crazy and add a complexity that even a paranoid schizophrenic could appreciate, but that quiet, lonely element that made SH so brilliant? I wasn't so sure.
Then again, the man had been hand-cuffed to Metal Gear since 1998. It's hard to really gauge what kind of versatility the man really has.
Regardless, Kojima (and KojiPro) being in the mix all but guaranteed that, at the very least, Silent Hill would get a production that it finally deserved after all of these years. It would be a big deal again. It brought the Silent Hill brand back into the forefront. After P.T., there was the hope that it would at least be scary and disturbing again. The added bonus was former Team Silent members being part of Kojima Productions- and they would be "returning home", so to say. Kojima is friends with Akira Yamaoka, so chances were high he would be back, too.
It always seemed too good to be true... and here we are.
So no, I'm not sad and I'm not screaming "FUCK KONAMI". I've been out of those emotions for years now.
I'm just left with the disappointment of what could have been, but there's absolutely no surprise from me that Konami is doing this.