Yes, there are 5 endings to SH:SM.
Edit: The endings really are just a minor part of the replay experience. Did you get a diner scene or a bar scene in the beginning, and if so which ones of the possible scenes per location? 3 playthroughs (I'll do a 4th this weekend) and I've found paths I didn't know existed, I've met characters that have changed so wildly it's it might as well be a completely different game all together.
People aren't going to sit down and talk about this game and discuss their favorite characters, they'll have to explain which of the 3-5 different variations of the character and in what context they're talking about.
Don't even get me started on some of the freaky deaky variations of the raw shocks (creatures).
3rd Party Wall of Shame
http://www.nintendoworldreport.com/forums/index.php?topic=30478.msg581036#msg581036
