By today's standards FFVIII's graphics are horrible. By that I mean if FFVIII were ported to PS2 as it is, no changes made, people would make comments like "oh god, this game really hasn't aged well..."

Just look at people's reactions to FFVI. When it came out the reviewers were universally unimpressed. "The graphics are out of date" etc. Man, I bet those same reviews would have given or DID give the game much higher marks the first time it was released.

There's A reason to remake the game, just not a good one. If it DOES get remade, everyone will say "The game isn't THAT old... why did they remake it?"