To me it's going to be just as big as GoW 3 phenomenon on PS3. That game still amazes me to date.
The remaster on PS4 in sweet 60fps doesn't actually look significantly worse than other PS4 games. GoW 3 and The last of us where really graphical masterpieces. Especially the opening battle and the Kronos fight are among my most memorable video game moments. Also this game is 25 to 35 hours long so it's probably the biggest God of War game to date.
Please excuse my (probally) poor grammar