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I think these names have meaning to the devs.

Remake - We made the original game again and mostly stuck to the original story, but we some minor changes and hints of major changes to come.

Rebirth - The story is going to wildly deviate from the original game.  It's like the game was created again from scratch (rebirth).  It uses the same world and characters, but takes things in a dramatically different direction.

Third game - Returns or Revolution depending on which direction they go.

a) Returns - After going on a wildly different path, they conclude with an ending similar to the original game.
b) Revolution - If you thought the second game was a deviation, just wait until you see this one.  The storyline deviates so much that it doesn't even resemble the original FF7 game at all.