As a general rule of thumb someone is remaking everything using the Unreal Engine 4, but when it's Metal Gear Solid (and it looks a bit spiffy) you probably have to sit up and take notice.
It looks... pretty good. I think in general the Shadow Moses environment was a little bit plain. Deliberately so, I suspect, to make the game age better and look better using the original PlayStation hardware. For that reason I feel as though it doesn't quite have the 'wow' factor we often get from these projects.
There's also the fact that Metal Gear Solid was already remade for the Gamecube. And then Kojima himself remade the Shadow Moses environment for Metal Gear Solid 4. In short, it's been built and rebuilt a handful of times now.
Still, I'm going to be keeping my eye on this project. It's called 'Shadow Moses' and you can follow its progress on Twitter here