They are basically skipping FF5 and FF6 remakes now, two of my favourite entries, so I am on the express train to frown town. Not entirely unexpected though. FF7 is a wildly more popular entry, and it is probably one of the entries that could benefit of an update the most. The original looks like Duplo characters green-screened onto backdrops from Beast Wars, and bordered on illiterate at times.
I wonder how they are going to do it now, since all we got was yet another cinematic trailer that tells us nothing about the game. Could it be possible that they are going to go down the fixed camera angle route again? It would help speed up the remake up quite significantly, and keep the design and direction in-tact.