I'd say the opposite is true. We had Verendus confirm development of FFVII more than a year ago, and to top it off, the game was already released. Nearly 18 years ago!
TLG, on the other hand, was shown off a little bit before falling off the face of the Earth. We know almost nothing about what the gameplay will be like or how much of the initial concept has survived the "re-engineering" that Shu talked about. FFVII is, on a number of fronts, a known entity, while TLG is as good as vaporware to a lot of people. I'd love to see both, but if I could choose just one, I'd take TLG for the reasons given, as well as the pedigree of the developer. (I'm not speaking ill of SE, just highly of Ueda and company)