Played for about 4 and a half hours last night... only stopped because I needed to go to sleep.
I love this game. Love it. It's not going to be for everyone though, and you need to have a fondness for just exploring. I'd say the game isn't what I expected, but that doesn't seem quite fair, as I don't think anyone would 'expect' this game. It's refreshing, it's interesting, it's innovative, and it's one hell of a great game. If you own a Wii and don't at least try it out, you're doing yourself a great disservice and should never get to complain that the Wii doesn't have any good adult games.
It's also, hands-down, the best looking Wii game out there. For the first time in a while, I can say that I'm truly excited to replay a game, just to see the changes. I'm gushing over this game, and yet I haven't even seen the true implementation of their biggest innovation yet (the psychological profiling), which should tell you something.
If you go into this expecting anything like the other Silent Hill games, you'll be disappointed. I know I said this already, but I'm going to take it a step further: this is one of the first games that I've played where someone that made it finally 'got' how to use the Wii. From the visuals to the controls, even down to the slightly cribbed use of the Wiimote as telephone (thanks, No More Heroes!), it just feels right. I realize how that sounds, but you really have to play it to understand. All I know is that all third party Wii games have a new standard to live up to, which I think is going to lead to some disappointing months (years, likely).
Bottom line: Play it. It may not be for everyone, which I can't stress enough, but you should at least give it a shot. Easily my favorite non-Nintendo Wii game, and surely one of the best the Wii has to offer in general. Psychology Warning!