Sure, FFVII fans can now squee with joy...but swordsmen will face-palm themselves as they wield this blade to their death. Read on for more thoughts.
Update 10/31/2012: More news trickles after the initial announcement. ArtePiazza is confirmed as the developer so you know it's in good hands. They've been hands-on with DQ remakes since 1996's DQIII for the SNES and they've been responsible for the last trilogy of remakes for the DS. My analysis is that the engine they're using for DQVII's remake is based on the one from DQV's remake for the PS2, because the art-style looks so similar. Also, the soundtrack will be fully orchestrated! Gotta love me some DQ music. Finally, new content and StreetPass features will be integrated into the main backbone. As if DQVII doesn't need any additional content. The PS1 original is already freakin' huge as Jarrod has said so many times.