For those who haven’t seen it, the remake was shown at E3:
There’s also a forum topic about it from 2005.
I must admit that this remake looks quite impressive. And indeed the original was quite an achievement at the time; even if ultimately the industry went with Panzer Dragoon Saga’s full 3D environments and voice acting, the prerendered backgrounds mixed with FMV of FFVII were a good use of the PSX’s limitations to create an immersive story. I never finished the original at the time (the friend whom I borrowed it from lost some of the discs), so I’m currently playing through the PS4 version now and it holds up pretty well.