Think again. Leave it to Square Enix to always go for bigger and better, even when the honors are dubious. I've never seen a trailer kill hype this fast. I mean, compare the crowd's reactions before and after! You can tell they were expecting the next-gen graphics to kick in any second... and they never did. But who can blame them? As one of the comments on the video says, this is the kind of thing that belonged in the realm of Twitter reveals, not PSX of all places!
Tell me, why does Square not give in already? Do they not think a proper next-gen remake would pay for itself tenfold? Especially considering the only recent title of theirs that got any kind of positive reception overall was Bravely Default, and that one was a spiritual successor to a SNES classic... they really need to get some positive press going, and nothing would be bigger than a proper FF7 remake.