Via Kotaku, 1Up is talking about the possibility of a remake of the original "Silent Hill," replacing Harry Mason with his wife (the new protagonist of the upcoming film).
Personally, I think this is a great idea. The original "Silent Hill" for the PS1 was a great game, but compared to the others in the series, it has some notable weaknesses. Footsteps sounded like microphone pops, the only control scheme available was the Resident Evil control scheme, and the combat system wasn't as refined as it is now.
A remake with improved graphics, the new camera-relative control scheme and the combat refinements from "SH2" and "SH3" would be an ideal combination. In addition, the remake could roll some of the newer mythological elements of the series back into the game.
So in short, if "SH1" gets remade, they've already got my money for it.