UPDATE 13/08/2014 8.29pm: Hideo Kojima has revealed a few more details about Silent Hills at the Metal Gear Solid Gamescom press conference.
Chief among these is that Kojima Productions is developing it. We knew the studio was involved due to its logo appearing at the end of P.T., but now we know this won't be a Castlevania: Lords of Shadow situation where the studio is merely overseeing another company's development.
Kojima also stated his intent to make the game as scary as possible. "We originally wanted you to pee your pants," he said. "Now we want you to s*** your pants."
The enigmatic director said that he expected P.T. - which simply stands for "Playable Teaser" by the way - to take a week to solve, but instead some British lady and a few of her friends cracked the case in a couple of hours.
He did slip in one incredibly obscure hint that nobody got, however. The fake developer making P.T. was called 7780s Studio. It turns out this gets its name from the square kilometer area of Shizuoka, a Japanese prefecture with a name that literally translates to "Quiet Hills". In fact, many Japanese people simply refer to the horror game series as Shizuoka.
ORIGINAL STORY 12/08/2014 11.46pm: Hideo Kojima and Guillermo del Toro are collaborating on a new Silent Hill game with The Walking Dead and The Boondock Saints actor Norman Reedus playing the lead character.
Remember that bizarre teaser trailer Sony showed during its Gamescom press conference for some horror project called P.T.? It ended telling viewers that an "interactive teaser" was out now on PSN. Well Twitch user SoapyWarpig played the rather lengthy teaser to completion and was awarded with a game reveal at the end that Kojima, del Toro and Reedus are collaborating on a game called Silent Hills (thanks, NeoGAF).
It's hard to ignore the "s" at the end of the title. Could that mean this is actually two games? Perhaps a reboot of the series in an alternate timeline? Or maybe it's going to have multiple iterations of the same town in one game.
That's about all we know at the moment, but we're sure astute viewers will find further links between the P.T. teaser and Silent Hill mythos now that we know what we're looking at. We'll update as more details about the project become known.
For now, check out SoapyWarpig's full P.T. playthrough and speculate away.