I have a feeling there isn't a lot of work done on this, and I HIGHLY doubt that this project is the reason XV has taken so long. I wouldn't be surprised if this is partially why Nomura was taken off the Versus project, but we'll see.

Type-0 is an M rating, but it was always meant to be a more adult title I think. It's hard to say if they'd do that for a mainline title though, even if a remake. We'll just have to wait and see what we do since we don't have anything really to go off of outside of the announcement trailer. We can say for certain that Midgar, Barret, and Cloud are present, but who knows outside of that, haha.