Not really.
I skimmed through videos of the PS4 version and there is a lot of changes in tone and lightning.
Sorry I don't have the time to post hundreds of pictures here to show the difference...
I rather play the version how the ORIGINAL developers intended it. 360/PS3 has the real atmosphere and lightning.
It's like if they would Remaster Silent Hill 3 and it would look like this:
That's the same that happened in the PS4 Remaster.
I already have it on Xbox...
But the PS3 Version looks like the Xbox Version, they did not change the visuals, the lightning etc