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The problem with making it like the first one is that it probably wouldn't have much appeal in the home console audience. Ironically enough it'd actually work better as an handheld title
The old school survival horror semi-exploration style could (and probably should) return but combat can't be like that. Honestly it was good for its time but not for today. The only close thing that could work would be similar to Resonance of fate, or a mix between RoF and 3rd birthday.