I remember having a lot fun with FFVII, but aside from watching my brother's game, I honestly had trouble replaying it. Usually once I'd leave Midgar I'd start losing interest, and eventually end up switching out for my other Savefiles. Not that the game wasn't good, but I guess once I knew the overall story, all that really kept me engaged on a second pass were those fun highlight moments.
So the way I see it, if Square's remake removes all of the squats, submarine antics, arcade games, galaxy destroying spells, blatant innuendo, sailor outfits, and other fun things they used to do, I just couldn't imagine that being a very good time. Hopefully they still have the balls to show Cloud in a dress.