Hehe, frankly, I've been waiting for a FFVII remake since I finished the game for about the fifth time and finally said, "This is a KICK*** GAME!!! But you know what would make it even better? A brand-spanking new GRAPHICS ENGINE!!!"
I've always supported the idea of a FFVII remake, because I think that better graphics would only amplify the experience which is Final Fantasy VII. I only wish that Sqeenix were doing that so you guys here wouldn't have to so much
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I dunno, I think a sequel would be beside the point, because of the whole "500 years later" part of the end FMV, when Nanaki (RedXIII's real name) is running with young of his own species and lookibg over a Midgar that has been taken over by forest (making it look like humans didn't make it through Holy's cleansing of the planet). A prequel WOULD make much more sense.
In the meantime, we can watch a CG movie that looks like it could be a decent movie, at the least. Also, people can keep releasing patches they've constructed to make the game look better.