I don't think they could re-do MGS using a later engine. Or maybe that should be I don't think they will unless this isn't going to be a "collection priced" title at $40.
And while I personally wouldn't mind being able to play Silicon Knights' Twin Snakes on the PS3 with higher res rendering, I'm pretty sure that it's still considered a Nintendo title, and couldn't be a straight port using the PS2 game engine.
While they would have to include the PS1 version of MGS, it definitely looks out of place compared to the other games in the original trilogy. I'm not convinced rendering a game with such primitive (by current standards) resources at 1280x720 will add much if anything to the experience. But I suppose it would still be better than playing the original upscaled from the original resolution. I actually have to turn pixel smoothing off or the game just becomes a blurry mess.
Personally, I much preferred the graphics engine and updates of TS although I could have done without some of the unnecessary changes they made to the cutscenes.
