I think TLG is probable and Shenmue is improbable but not impossible. I simply don't invest in ANY prediction emotionally ... It's the safest thing to do.

https://www.youtube.com/watch?v=Lw6w0iF94ew

For me it was the attention to details (for instance there is an arcade where you can play real QTE mini games),  a very polished game with incredible soundtrack. The immersion, thanks to the incredible graphics was fantastic and better than 99% of PS2 games and the story engaging (it was for me). 

I agree that the gameplay and combat have not aged well but mainly because it can be a life simulation sometimes, making it not fun to play (too dull), because it's too 'real' somehow. It's a strange game: it can be a fighting game, a detective game, a life simulation game.

sounds cool, something like Heavy Rain but with different mechanics?

Not really. Although Shenmue is responsible for the abondance of QTEs now present in today's games (in fact, the term QTE comes from Shenmue) it didn't use them as badly as games like Heavy Rain, in the sense that there was still a lot og gameplay not relying on those. The fighting mechanics for example didn't have QTEs as the core of the experience. And there were plenty of side stuff to do. While story driven, you still had a lot of liberties to explore and characters and stuff to interact with.

For its time, Shenmue was well ahead of most everything that came out on console. The immersion was also fantastic and it actually felt like you were in Japan. The graphics were unmatched for quite some time (I think until FF X and MGS2 came out), and the music was simply perfect, always giving the proper mood for the scenes and areas.

Actually I'd say Heavy Rain is a pretty fair comparison (I can see how you'd find similarities). Quantic Dream actually made a game called The Nomad Soul back in 1998/1999 which had pretty much all of Shenmue's attributes, just nowhere near as polished. Heavy Rain is kind of an evolution of The Nomad Soul and so they would be the perfect studio to pick up a sequel.

I disagree. Heavy Rain focuses on a scene by scene pace, instead of leaving you free to go your own way. Control wise, it's somewhat similar, but the core of the gameplay is quite different. 

But I'd agree to say it is the closest to Shenmue a game has been, but that's not saying much. Shenmue did much more back then, from a gameplay perspective, compared to Heavy Rain overly scripted nature. 

Again, Nomad Soul :P

I didn't play this game. And we were comparing it to Heavy Rain. Nomad Soul isn't Heavy Rain. =P

But yeah, QD is probably the best dev to team up with if you want to create a game like Shenmue, with Suzuki at the helm of the project. Although they have no experience with fighting game mechanics. Something that Shenmue revolves around a lot. Virtua Fighters RPG and all that, you know.

The Nomad Soul was essentially a Western Shenmue. Only set in a Blade Runner type universe with David Bowie... It had all the exploration, examining things, full freedom to explore the world etc.

No experience with fighting game mechanics? Again... Nomad Soul :p

https://youtu.be/eoWCjR6YL4M?t=12m16s

This really really is Shenmue from the West.

https://youtu.be/eoWCjR6YL4M?t=16m41s

This bit is awesome! :D Come little human, come and play with me! (need to insert, I'll allow you to die like a warrior!)

And if Virtua Fighter stuff is too old skool - https://youtu.be/eoWCjR6YL4M?t=25m14s It also has FPS bits :P This game was also on Sega Dreamcast (which is where I played it).

I think the announcement will be Shenmue 1&2 HD remaster. Just like Square Enix FFVII announcement last year. Depending on sales of this will help gauge if a 3rd one will be worth the money to make the 3rd one.