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That would be terrible! 8 bit looks awful nowadays. Even Shovel Knight had to cheat and add a few extra colours because it looked like ass otherwise.
16 bit would be acceptable. PS1 era would be fine too. Although that'd be kinda pointless given that you could just take the models used for the pre-rendered backgrounds and use them in realtime with modern hardware.
I'd be disappointed.
On the other hand, if they did it with FFI-IX style gameplay mechanics in modern graphics I'd be delighted as hell.
I think having a cinematic experience with VII/X style gameplay is the smartest thing they could do at this point...
Depends on the difficulty level.
If it held the same level of difficulty as those 8 bit games, then no.
Graphics are not as much of an issue for me, just so long as its playable and I can save the damn game.
What might be interesting is if you took an 8 or 16 Bit environment and used up to date HD characters, in the same way Persona 4 does it with the Void Quest dungeon. Juxtaposition is a good way to keep things fresh.
I think it wouldn't sell well at all, and I would probably not pay for it myself either.
8-bit was not the best time for RPG's I feel, they were still trying to get their leg in the door. About the only NES era RPG I think that has aged all that well was Mother 3.
That said, it wasn't really a tech issue, it was more of a lack of experience issue. So yeah, I'd be pretty excited and buy it.