How would you revive your favourite dead IP?

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The thread a few weeks aback about bringing back one dead IP got me thinking; if you were put in charge of reviving say Starfox, or F-Zero, or Killzone, or Wipeout, or any dead/dormant IP of your choice, and given complete creative control and a huge budget, how would you go about it?

Would you stick rigidly to the established formula? Would you evolve and reinvent it in a bold new way? How would you take advantage of modern hardware? What art style/mechanics would you use?

What say you?