I was dissapointed with homecoming, but Downpour improved on every aspect of homecoming that I hated and is a fantastic game.
The atmosphere is excellent as always, the puzzles are as good as the old school silent hills and the fighting is a lot better than Homecoming. I also enjoyed the storyline, it was as good as the story of silent hill 2.
Negatives of this game are it's glitchy (although to be honest this never really affected play and I didn't find this annoying), the evil world is not as scary as previous games, you just run around trying to escape an evil mist thing and the games saves so much I don't find it as scary as the first four games. Personally, the thing that made the original silent hill and resident evil games scary for me was the restricted saving and weapons but these things are never an issue in this game, making it a lot easier.
I was also very annoyed by the fact you lose your items near the end of the game as I had saved all my pistol ammo and health packs only to have them unfairly taken, this was probably the only thing I really hated about this game (and why I'm not giving it a 5*). So, don't bother saving ammo and health!
One last thing, the combat in this game is excellent, although I tended to run more than fight (to conserve ammo, grrr). The axe works a treat and I made sure to try and have one at all times.