Unfortunately, in a separate Famitsu interview translated by Siliconera, Kitase did not exactly suggest the project is zooming along.

“We’re currently brushing up the scene from the announcement trailer. We can now see the line of quality that we’re aiming for more clearly, but there’s still a ways to go,” he said.

If we’re interpreting that correctly, Square Enix is still putting together target footage, meaning production hasn’t actually kicked off. That certainly matches up with earlier comments that Final Fantasy 7 still has a way to go.

Kitase went on to make a comment about raising the quality bar part way through Final Fantasy 7 Remake’s episodic release if a new generation of consoles is released. that should give you an idea of the time frame Square is expecting.

https://www.vg247.com/2017/02/02/new-final-fantasy-titles-are-in-the-works-but-square-is-still-working-on-that-one-opening-scene-of-final-fantasy-7-remake/

Super early announcements are great aren't they?

Are we sure they're not just using that scene as visual benchmark?

It sounds like they're developing the game but using that scene to flesh out their graphical target. 

"If we’re interpreting that correctly, Square Enix is still putting together target footage, meaning production hasn’t actually kicked off. " Yeah this is a huge leap in logic of such a simple statement. Will wait for further news.

And in terms of release scedule, we already know its coming in around 3 parts so assuming part 1 launched fall 2017, part 3 would arrive fall 2019 at the earliest. I think they'll be a 18month gap between each title though so I expect the final part to welcome the PS5.

Hahaha, I bet people can't wait to play this in 2039.

Sure. Especially if you're coaxing other publishers to come out and make them for you. That way you catch none of the flack if the product doesn't show up for a decade

Sad really, when you think about it. Games being announced that aren't even out by next E3, let alone this generation. 

It is truly brilliant indeed

So in other words, the released the trailer too early and now people are going to have to wait much longer than they anticipated. Square, just stop it.

I thought there wasn't suppose to be anymore generations. Just upgrades. So, what does this matter to the team. It still has to run on the base PS4 unit.

They should take their time making it the best game as possible.

Hoping it gets upgraded to a new engine.

Actually yes, it makes gaming exciting and something to look forward to!