Looks better than any HD-2D stuff for sure. Wish Square didn't cop out with those games (not all are remakes btw, so saying it's to be faithful doesn't quite work), especially the sprites/animations. Even for the remakes, hell, the originals had too little or bad animation to begin with even for their own era, because you didn't expect a massive JRPG to have the graphical quality of some fighting or action game or whatever else had a smaller scope so dedicated more effort to individual characters etc. back then, but for all new games/remakes, come on, animate them, especially when you're going so low res/low pixel count, it'd be lovely if they actually moved nicely in that style (eiyuden did more, but not as good as this either imo).
Of course it remains to be seen if the rest of the game has the same quality as the visuals presented here in scope/story/gameplay, but it's promising.