Seems interesting. A few things though;
I'm assuming the Silent Hill music and sound effects are place holders for music and sound effects you'll be making yourself (or whoever is in charge of that). I did notice some music that wasn't from the SH series, and it wasn't bad.
I hope you do a little more work on the character models. The...I think he was a priest, looked weird (and not a good kind of weird for a horror game), and the main character looked like he was trying not to shit himself. He looked a little stiff and awkward.
I also hope there's a legitimate story reason for the half naked/naked lady, as well as the shower scene and sexual undertones. Anything that adds nudity or sex in just for the hell of it is hard to take seriously, and is usually sub-par.
I can see a lot of SH influence in the videos. While there's nothing wrong with using other things for inspiration (the SH series used a lot of different things for inspiration and look how that turned out
), I hope you won't fall into the trap of relying heavily on SH type themes instead of making something original and interesting.
I think I saw some text about the main character saying something about not remembering something/who he is, or something. Please don't make it turn out that he murdered someone and then forgot. >_< I think I would prefer everything to actually be a dream...
I know most (ok, all) of what I've said hasn't been positive, but I do hope this game turns out well. From what I've seen you're doing a great job. I've voted. Good luck.
And please, keep us up to date on how things are coming a long.