But is it really what you want? What you want is to relive that experience; a full-on PS4-style graphics remake will change the whole experience. It'll be a game with the same characters, environments, story and basic gameplay, but the feel of it will be completely different.

I run a FFVII-based fansite (thelifestream.net, [/plug]), and the general consensus of the community there is that while a full FFVII remake would be nice, it would generally be criticized by the original fanbase, no matter how awesome they make it, simply because it's not the same game anymore.

For an example of the only full-on remake Square ever did of one of their older titles, you could look at FFIII on the DS, remaking a 2d, sprite-based game into a 3D one. Of course, FFIII doesn't have nearly the fanbase of VII so there were less tears on the internet over it.