While a rather large part of me would love to see Terra in glorious HD, I'm inclined to agree with chionos that the team they've got now would ruin it. Maybe if they could get Sakaguchi back there'd be more hope of it not sucking.
The more important question is why the hell have Ito and Kitase not been working on top-level Final Fantasy projects lately? They're obviously more talented than the bunch that has been managing the dreck Square Enix has put out lately.
Anyway yes this is obviously the best of the classic era and probably the best of the series overall.