According to ESRB, this game contains: Mild Language, Violence
I would advise parents to keep this game as far away from young children as possible. It's sick and weird, and not at all akin to the more comic book treatment that horror receives elsewhere. It also involves vague references to sexual assault, patricide, and other extremely adult topics. Those who don't like staring at a dark screen all the time or find wandering through endless fog annoying probably wouldn't like this game, although I would maintain that these elements contribute to the game in a balanced and effective fashion (as long as you have your brightness adjusted correctly.)
Fans of the original Silent Hill should be happy with this sequel. What the first game did well, the sequel arguably does it better: namely, disturb the hell out of you by any means necessary, with almost no considerations for morality or taste.
Those who appreciate more unconventional approaches to horror like those of David Cronenberg, Clive Barker, or David Lynch should take a look at Silent Hill 2 since its the closest thing theyll find in the videogame industry right now.
Fans of the Resident Evil series might want to avoid this game since its idea of whats scary could almost be described as antithetical to mainstream survival horror, although there will certainly be plenty of people who can enjoy both approaches.