Apparently the Crash trilogy are not coded in a way that would allow someone to easily port them (something I didn't really know about until yesterday). The best we've seen so far is a repackage into a digital format (PSN Classic), which would have more to do with the external things rather than the internal game code.
Since Shawn Layden said "from the ground up" it looks like they're going to recreate/remake the games (ala Ratchet) rather than remaster/port the game over and render it in HD.
Before I knew about how difficult it would be to bring the Crash games over without a straight up PS1 emulation, I was expecting something along the lines of Halo Anniversary. But yeah, it looks like we're getting a Ratchet & Clank like remake.
I hope they don't screw up the mechanics then, the mechanics peaked in Crash 3 and then went downhill from there.