Square-Enix announced that there will be no Final Fantasy VII remake for the PS3 because according to developer, the game's "style" is too hard to replicate to HD. The hardest part for the devolpment team is rendering the many towns that are on FFVII.
Here is what Square's Motomu Toriyama had to say about the problem: "It is a result of considering HD graphics will be the mainstream. Considering the amount of work to make graphics that deserve HD, it is hard to make towns in the conventional style." He also added,"It is very hard to make games on PlayStation 3 in the same style as the games in that era had. Making graphics will take enormous time
Fanboys, take solace in the fact that Sephiroth is just too awesome for HD.
PlayStation Beyond will keep you updated with any new developments.
