That they are remaking final fantasy 7(one of the all time greatest games) for the ps3?

From Final Fantasy VII - Wikipedia, the free encyclopedia (http://en.wikipedia.org/wiki/Final_fantasy_7#Related_media_and_merchandise) :


Some speculate that the Compilation will also include an enhanced remake of the original Final Fantasy VII for the PlayStation 3. This speculation was sparked at the 2005 Electronic Entertainment Expo by the release of a Final Fantasy VII technology demo featuring the opening sequence of Final Fantasy VII recreated using the PlayStation 3's graphical capabilities. The demo was created by Yoshinori Kitase's team with help from Koji Sugimoto, the main programmer for Final Fantasy X, as well as Motomu Toriyama, and was completed in one and a half month to Kitase's surprise and satisfaction, who nevertheless noted that it does not use the PlayStation 3's full capacities and could have been of even higher quality if more time had been given.

Although Yōichi Wada explained that the presentation was intended only for technological demonstration purposes — claims echoed by Kitase in an interview in Final Fantasy VII Ultimania Ω — the June 2006 issue of Electronic Gaming Monthly stated that the video was actually a "sneak peak at a next-gen revival" of Final Fantasy VII. An official statement from Square Enix later debunked this claim, reiterating that the company had not announced such a project. Further fueling the rumors, Kaz Hirai said at the Final Fantasy VII 10th Anniversary Gallery in Tokyo: "Congratulations on 10 fantastic years! The best is yet to come".

So basically its just speculation? But after so much hype surrounding it are they not in a position where they need to now due to the expressed interest and number of people who would buy the console solely for that purpose?

It's a rumour. Rumours are sometimes right, sometimes wrong. It's not possible to really say any more than that.