I'm on the fence, I guess. Like with FFVI, I don't think a remake could possibly recapture the essence of the original. Would the humor still work? Would I feel the same way about the characters? Would they have to change so much that it wouldn't be the same game?
On the other hand, I get what MJN is saying, because no matter what they do, the original still exists, and nothing can really take away from my experience of the original game unless I let it. In the end, I think I would love to reexperience the game without the ugly polygons. It's kind of hard to play anymore.
I can replay FFVI without the same revulsion to the graphics, b/c they fit. They're old and pixelated, but they work, and my enjoyment of the game isn't hampered any by the how the sprites look.
FFVII exists in that middle ground of uncanny ugliness, but I do agree with everyone regarding prerendered backgrounds and such. I think rpgs in particular lost something in the transition to full-3D. Don't get me wrong, some 3D rpgs have managed to create some truly astounding worlds, with sights that are very nearly breathtaking, but they don't integrate with the gameplay in the same way. It's especially obnoxious when it creates a sense of illusion, in that so much of the beauty is untouchable, which ends up feeling like you're being teased for no reason. Case in point, FFXIII.