Destructoid conducted an interview with Tomm Hullett and WayForward's director Adam Tierney regarding Silent Hill Book of Memories. You can read it here.

The very first question asked is about why the game is such a departure from the norm, then questions about the story, how it fits with canon, puzzles, and multiplayer.

Really awesome, in-depth interview.
It keeps sounding better and better.

I'm not fond of the Light/Blood mechanic they described. Every game I play that implements a morality system ends up being hurt by it in the long run.
But Tomm said "it goes deeper than that," so hopefully it turns out as a plus.

The game's graphics look awful.
The gameplay is a HUGE misstep. DIABLO,really?
This game is supposed to be canon?!!!!

I really like what I'm seeing. I think it looks like a ton of fun, it's not going to affect the rest of the series (and I assume we'll get a traditional Vita SH title at some point), and the graphics absolutely don't matter to me.

Just FYI, I played the first section myself at E3. I'll let you know when the preview is written up and where it'll be published (might be going in a magazine I write for (MyM) or on GGS - not sure yet) but while there's no doubting that it's really different from what we're used to, it was fun to play and certainly interesting. I'm looking forward to it.

Also finally met Tomm, which was awesome!

Finally, I might buy this game if I buy a vita ( or if there's a PS3 port)

I was playing gauntlet Dark legacy yesterday and I told myself that after all, a dungeon crawler set in SH's universe could be fun. This interview got me interested some more when they talked about the forsaken rooms and some camera angles.

Part 2 of the interview has been posted. You can read it here.

Whoa, great second part of the interview. I was very curious about the voices of your player, so: five classes, two genders, ten voices. Sounds great.

This interview has shown me how in-depth BoM will turn out to be.

For the record, when I imagine Valtiel giving quests, I see him/it in a business suit & tie, sitting behind a desk while shuffling papers and doing that twitch-thing from SH3.
Hahaha!

Even after reading this interview, I'm yet to see or read anything to get me excited about this game. I'm sure everyone has worked hard on the game, but there are just some aspects that I dislike in games in general, such as top down camera angles, dungeon crawlers, and multiplayer. I'm hoping there's an option to play through by oneself that won't take away from the story. Either way though, I'm going to hold off on forming an opinion until I get a chance to play the game for myself.

Of course if you want to play this as a SH game you probably will be disappointed and that's normal. I'm not seeing it as a real SH game anyway, I'll play it while keeping in mind that this is a game meant to be fun. (Let's just hope it is)

Anyway, somebody here has listened to the soundtrack? I love it, it's so catchy and fun to listen to.