I see where you Jeff
and Slime are coming from. In one way it could make it scarier knowing you can't defend yourself, and you have these monsters chansing you all over the place. On the other hand, it could make the whole game feel like "I will always be able to run from this enemy, so it poses no threat to me".
I'm not sure myself which I feel will happen yet, but it looks interesting anyway. I have Silent Hill 5 for 360, but haven't started playing it yet, so I myself still haven't played one yet. I saw a friend play through The Room, which was absolutely terrible, but I know it's also on of the worst in the series (if not the worst). Some of the monsters were really freaky though.
This f'n thing. I crapped myself the first time I saw it.