Whatever they do, it should be an graphical upgrade only, and I mean only. Keep even the pre-rendered scenes in just make them amazingly detailed. Update character models, FMVs, effects.
They start touching the script or how the characters move, changing it to a 3rd person perspective, anything that isn't just an upgrade in graphics and it has the chance to turn into a different game, so not the FFVII we know and love.
Hmm, pie.