RaySpace
Sometime in spring 2014, a couple of weeks before E3, Reddit user Ruin4r leaked a number of titles in development exclusively for PS4, including a new God of War, The Last Guardian, a The Last Of Us sequel, Dead Don't Ride (later confirmed to be Days Gone's codename) and an "unnamed space game" - which by the way wasn't Santa Monica Studio's cancelled new IP for PS4, as that project was axed earlier that year.
A year later, Shuhei Yoshida stated in an interview at E3 2015 that "Japan Studio is now producing a really great project that I'm really excited about" - which also wasn't Gravity Rush 2, as that title was referenced as a different project later in the interview.
In April 2016, Ruin4r said that all the games previously teased by him were still in development and clarified that many of them - God of War, TLOU2, Days Gone and the "unnamed space game" - were in early stages when he first talked about them.
Then on June 6th 2016, during a livestream in celebration of Famitsu's 30th Anniversary, SIE's Yasuhiro Kitao teased a a new title to Famitsu's editor-in-chief Katsuhio Hayashi by letting him read some text from his tablet, as Kitao didn't have any images to show. Hayashi was blown away by whatever thing he read and stated that "this will definitely be worth waiting for."
In December 2017, SIE trademarked "RaySpace" in Canada - which most probably was the final title for the "unnamed space game" mentioned by Ruin4r. That same month, Japan Studio's award-winning creative director Tsutomu Kouno stated in an interview "I have not been able to announce a new title in a long time, but in 2018, I would like to announce what I am preparing". Japan Studio producer Teruyuki Toriyama - who has been teasing this project since 2015, describing it in multiple occasions as an "ambitious title" - also promised an announcement in 2018.
Sometime in 2018, an interview to a Japan Studio employee was posted on the SIE website; in it there was an image that contained shots of two upcoming games in the background: the Demon's Souls remake (top right corner) and some sort of sci-fi first-person game.
But 2018 went by without any sort of reveal regarding this project and in December, Toriyama once again teased an announcement for the coming year "In 2019, we are preparing for the debut of unannounced title(s) currently in production". It is worth noting that Japan Studio didn't reveal any new games in 2019.
I doubt that RaySpace was cancelled, as you don't pull the plug on a project that has been in the works for four or five years and was so close to being revealed. So what I believe is that they decided to move it to PlayStation 5 - just like they did with other projects such as Sackboy: A Big Adventure or Horizon: Forbidden West - and maybe even bring it back to the drawing table a little - which would explain why we haven't seen it this year during the PS5 reveal events.
Silent Hill
In 2018, Konami reached out to various developers to pitch ideas for two Silent Hill games: one a soft-reboot of the franchise; the other an episodic Telltale/Until Dawn-style game to go alongside the reboot. In fact, one of the studios contacted by Konami was Supermassive Games, creators of Until Dawn, although they ultimately didn't get the job.
Japan Studio's creative director Keiichiro Toyama, who had been wanting to work on a new horror game for quite some time, was developing a new entry in the Siren franchise at the time. Sony, who weren't fully keen on the idea of investing on a niche series such as Siren, decided to pull the plug on the project as they started negotiating a deal with Konami for getting Japan Studio to work on the Silent Hill soft-reboot - a prestige project for the PS5 lineup based on a globally renowned IP, something that would allow Toyama to have a bigger budget and more resources at his disposal.
Eventually the deal would get finalized, putting Sony Interactive Entertainment in charge of developing, funding and publishing the title in exchange for keeping the exclusive and most of the revenue, with Konami being indirectly involved by outsourcing the IP against an 8% of the revenue. And that way, the game entered development in early 2019, salvaging as much from the technological work done for the Siren game as possible.
At some point in 2019, an interview to a Japan Studio employee posted on the SIE website showed a developer working on a handgun model - something that, if we consider the other projects Japan Studio has in the pipeline, would only align with Silent Hill.
On January 21st 2020, Rely on Horror reported that they've heard from a source of their own that a new Silent Hill game was in development. A day later, movie industry insider Emre Kaya posted on Twitter that he has learned that Sony is working on a new horror game for PS5.
On March 12th 2020, Rely on Horror stated that Silent Hill composer Akira Yamaoka and creature designer Masahiro Ito are returning alongside the series creator Keiichiro Toyama to helm a soft-reboot of the franchise developed by Japan Studio, just called Silent Hill. Both of their sources mentioned Sony as the driving force behind bringing the series back. That same day, Emre Kaya said on Twitter that this was the Sony horror game that he talked about back in January.
In April 2020, ResetEra user KatharsisT backed Rely on Horror's information regarding the Silent Hill soft-reboot and confirmed a third-person perspective and that the game was playable already. She also said that it is planned to be announced before PS5's launch, with a release in spring 2021 - although these reveal and release windows were from before COVID started to fuck up their schedule. Shortly after, a mod stepped into the discussion to state that they've verified her information on the subject.
In May 2020, Reddit user snort_cannon, who had already discussed the game months ago, said that "the game was planned on being shown off this summer. Unless something bad happens, it should happen. The plan at first was just to do a CG trailer to announce that the game exists, but I personally think at this point [they] might delay the reveal and add some gameplay footage as well". When asked about his sources, he answered "Same source that told me about the Sony deal, albeit last update came in early February and COVID didn’t rampage as hard as it’s going now."
On August 3rd 2020, ResetEra user Navtra, who leaked a list of games that went on to be present on both PS5 events days in advance to June's The Future of Gaming, commented on the Silent Hill rumors "I can only confirm one thing: it was never on the table for June's event. FFXVI and Marvel's Avengers Spider-Man character announcement were among other things that were supposed to be there and were moved last minute. Silent Hill never was". If we look at both KatharsisT and snort_cannon's comments in regards to the reveal window for the game after having learned this, it becomes clear that the reveal was initially planned for the second PS5 event, that being September's PS5 Showcase - an event that the game missed because of delays in production related to the COVID pandemic.
On October 31st 2020, KatharsisT stated that something had just made her expect a reveal at The Game Awards. A couple of days later, Rely on Horror reported that recent rumors of a Silent Hill announcement at The Game Awards line up with some information they received a while back but choose not to report on.
On November 21st 2020, KatharsisT once again teased a Silent Hill reveal at The Game Awards "You'll celebrate it before the end of the year if everything goes as planned" while also stating that she thinks the game is still planned for 2021.
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