Sorry to slightly necro-post, but I somehow missed this when it was originally posted and only just now saw it when referencing this topic on our forums.
"Ys V: Lost Kefin, Capital of Sand" has yet to be remade (save for Taito's PS2 remake in Japan, but that barely counts!), and it's the game most in need of a remake -- while Ys III has the reputation of being the "black sheep of the series," Ys V is the *true* black sheep. Ys III may be criticized in retrospect, but back when it was new it was fairly popular, and it made Falcom a lot of money. Ys V, on the other hand, has never really been popular at all, and seems to have been kind of a flop for Falcom, killing the entire series for 8 years until they finally resurrected it with Ys VI: The Ark of Napishtim.
It's very different from other Ys games, featuring much slower, clunkier combat, more realistically-proportioned and earth-toned graphics, a really broken magic system, and a more orchestral/"epic"-sounding OST that didn't really play to Falcom Sound Team jdk's strengths.
It did, however, contain quite possibly the most interesting and original setting in the entire series, as well as a surprisingly excellent story with a really well-developed and likable cast of characters (aside from Terra, who's only slightly less annoying in Ys V than in Ys VI!).
![Wink ;) ;)](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Which is why I really, really would love to see this game remade at some point -- give it the Felghana treatment, and it could very well be one of the best Ys games out there.
-Tom