Since Square Enix isn't terribly keen on remaking Final Fantasy VII, it's up to fans to get the job done. Like this guy, from Thailand, who's made a showreel depicting the dream project.
Sure, it looks more like a PS2 game than something you'd expect on a pS3, but with Square Enix claiming a HD remake would take years to develop, maybe the lo-fi option isn't such a bad idea.
Note: We're pretty sure he's not actually doing a remake. This is just something whipped up for fun/fan torture.