If you hated the first one so much, why did you buy its sequel? Like Dubya said:
Anyway, it's kind of ironic because I had the same reaction towards Silent Hill 2 when I got it new at $49.99. I was disappointed because it wasn't like the first one at all, and the first half hour virtually nothing happened. However, a few years later I played it through to the ends (there are multiple endings, and most of them are equally valid outcomes to the scenario) and realized it was a rare gem with a lot of depth. The writing was much better and more mature than any other video game I can think of. They don't hand you everything on a silver platter, but all the good stuff are there if you are willing to look for them.
You should give it a second chance. The graphics may look a little dated by today's standards, but a good story is timeless, unless you only play games for the adrenaline rush of blowing realistic-looking things away with BFGs.
Edit in:
Now that the cat's out of the bag, Konami's updated their site and put up 8 new screen shots.
Konami's Silent Hill 4 page
The team that worked on Silent Hill 2 is back for this installment, so there is hope it won' t be an action-fest like Silent Hill 3.