I just saw it yesterday.
For most modern horror flicks, especially ones made from video games, I thought it was pretty good.
It was a basic plot of how "good" people get lost trying to do good and end up creating evil.
But I liked the characters and the direction/editing. It could have ended up like many other horror flicks and been dissappointing. Like how they rewarded the main character with the 'truth' showing all the events like an old film that explained what had happened. How the 'evil' spirit that went by many names helped the main character, albiet to its own ends but you cheer for the main character.
I was disappointed by the end. Given the rewards the movie gives the viewers (explanation, punishing the bad people, rescuing the girl, etc.. ) the movie left you without a best reweard, a happy ending. But I imagine it leaves the door open for Silent Hill 2.