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Im up in the air on this one. I think SE would make a ton of money on this game (something they seem to only care about lately...definitely do not care about their beloved franchises or fans) but could potentially lose it all from it also.

Final Fantasy is their most popular franchise and this being the best selling of the bunch makes this the mother of all projects. There is no way they would meet everyone's expectations on this game. This could potentially be it for SE, it could decide their fate. I think it is a risk they do not really want to chance.

FFX was an easier Remaster, FFVII would be a complete Remake. New character models, New Voice Actors (They could go with the same actors from FF Advent Children....but that got its own share of complains on the dub), new City Structures, new Save System, new Cut Scenes, new animations, new programming, etc.... Basically what would stay the same is the story (though Id bet they would "update it"), the dialog (though in some places the rough translation would be fixed) , the Number Systems (Things like HP, DMG, Items and prices, XP, money etc)...I left a few out but you get my drift.

People would also compare FFVII not only to decade + old game, but to other newer RPGs (and in some ways the rise of Western RPGs and their influence on JRPGs)

Would I play the game? Fuck ya. Would it be able to meet my expectations of it? Probably not. In some ways I have a good feeling that the SE of today would destroy the game (why Id rather them not "remake" FFIX or FFVI which are my favorites). This is not the Square of old, who might have been capable of this massive undertaking.