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But the biggest task would still be re-rendering all sprites/videos/everything to be higher resolution and make the game beable to use them. To do that they would have to come up with updated or new file formats and rewriting the psx emulation stuff.. so in other words almost a complete rewrite apart from the game logic!
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I said that for the theoretical case where the high-res screens were real and were implemented at some point (And later was changed to lower-res). Now that we know for sure they're not it's obviously not the case and would take much more time, so it's not going to happen.