just s quick rumor post:
Now that Silent Hill 4 is completely finished and set for release on Sep. 8 in North America, development on SH5 has begun to gain speed. Currently titled ‘Silent Hill 5: Shadows of the Past’ (The subtitle will most likely be dropped or changed), Konami wants to return to the same idea of SH2, which means they want a powerful story unrelated to other games in the series yet still ties into the dark history of SH. So what is the story? Like the previous games, Konami wants to keep it as secret as possible. But, they do have a brief synopsis which they’ve sent out to some shareholders who wanted to know what Konami was up to in the future. Here’s what it read:

In 2006, gamers across the globe will return to Silent Hill for the final time on the PS2 in Silent Hill 5: Shadows of the Past. In the first time for a SH game, players will play through the game in flashbacks, retelling the main character’s harrowing trip through through a town worse than hell.'

Here’s a little more backstory for the game: The game starts with the main character being held in a mental institution. The flashbacks occur when the doctors interview your character and ask him exactly what happened in Silent Hill. Expect many twists and turns in the storyline, especially a big one at the end that supposedly has the Silent Hill team excited.

Like the synopsis says, this will be the last SH on the PS2. It definetely won’t be the last of the series though, Konami wants another Silent Hill on the PS3 as soon as possible

from http://www.bitter-season.net/index.php