I think, it is going to be a very different game than what the original was.
The chasm between generations is now huge. What was once groundbreaking in FFVII, now will seem like a hassle and might even disappoint new people coming to the game.
Random encounters were great back then, but now not a lot of people will like it, as is with the entire battle system actually.
I honestly dont know how they will pull it off. It is the main reason I wasnt all that thrilled ever when remake rumors were surfacing.
Its a lose-lose situation as I see it.
SE can simply decide to improve the graphics, add a voice cast, and leave the experience intact as it was when the original was released.
Opting that route will make fans very happy. But at the same time it will make newcomers (and its been 20 years, there is a ton of newcomers) cringe with the 20 year old gameplay it will have.
Then there is the other route, that demands making huge changes overall and try to make a complete overhaul. Meaning new battle system, getting rid of old stuff while adding new, and generally "modernize" the FFVII experience.
Opting this route might give them better chances with newcomers but will probably cause a shitstorm from angry hardcore fans of the original.
Can anyone think how they can pull it off having both sides happy?