Graphically, Homecoming wavers in quality. Alex himself looks amazing with his incredibly detailed face, but all the rest of the characters don't look like they've had the same amount of time lavished on them. The environments are creepy enough, especially during the transitional phases when the real world turns into the familiar evil one. And the grainy film effect that is employed here does make it feel like you're playing a B-movie.
If you can get past the slow pace and annoying combat then there is an interesting story which details why the curse of Silent Hill has spread to Shepherd's Glen and the moral choices you have to make affect the outcome of the game.