A Matter Of Pride
Square Enix has been oddly reticent when it comes to remaking Final Fantasy VII for the PS3, and CEO Yoichi Wada has explained exactly why. Apparently Square feels that this remake can only happen once they've released a new series entry that exceeds the classic RPG in terms of quality, else it would irreversibly damage the brand.
In an extraordinarily candid shareholders meeting, reported and translated by Andriasang, Wada admitted that Final Fantasy XIII, XIII-2 and XIV haven't met the high standards he expects from the series. As far as a Final Fantasy VII remake is concerned, the influential exec categorically stated that Square would need to release a new Final Fantasy that's superior or at least equal to the classic JRPG first, otherwise, the brand would become a laughing stock. I suppose that having your current-gen lineup bested by a game from 1998 would have that effect, not to mention that the remake would immediately become a self-defeating quality benchmark for future Final Fantasy titles.
However, Wada did suggest that the staff would be happy to develop a Final Fantasy VII remake, on the condition that the entire studio was dedicated to it. Don't hold your breath though.
Final Fantasy VII is soon headed to PlayStation Vita as a PSOne compatible title, and current rumours suggest that a Steam version may be on the cards.