You haters give this game way too much shit, it's a solid entry in the franchise, so-so story yes, but fantastic scenarios. Silent Hill 4 and the others that have come out? Now that's another story.
It was kind of the polar opposite of SH2: a downright painful story but some really spooky moments.
What pushed the needle into "meh" territory was the ridiculously scarce ammo trying to push the new melee combat (which didn't work against more than one enemy, which was ALL THE TIME), the broken Sierra puzzles, and the dumb Sierra insta-death via cutscenes.
I agree with Riskbreaker. I didn't think it was as good as the first or second games, but it was at the decent level. I think of it and Origins as the last two "good" Silent Hill games before the series went straight down the toilet. The less said about 4, 5, and the movie, the better.