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I think it will be smart if they combine 3D characters and pre-rendered HD 2D environment. For example such a technique was implemented in Alone In The Dark 4. It's an old game but the graphics were quite impressive back then. Anyway such a technique allows for much more detailed backgrounds than today's average "full-3D" engine.
With a real-time rendering you don't expect full-3D Feeco depot with the same quality and scene depth as seen in AE. Furthermore Abe's Oddysee is not a highly-anticipated blockbuster and I highly doubt they've licenced some superior game engine that is capable of dynamic AO-level backgrounds.
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There is no reason for a 2D side scroller to have a background that is rendered by the engine. Just like in the original games they can be premade artwork, which gives a lot more depth and atmosphere than any 3D scene ever could.