Naa, sorry to say, but this isn't happening. The sole purpose of this was to show what the PS3 is capable of graphics wise. This was done over two years ago before PS3 was released. It did cause a big buzz with gamers as they themselves thought Square Enix we're gonna re-make Final Fantasy 7, as a lot say it's the best in the franchise, but it isn't to be.
Shame really because FFVII is awesome and would be great to play in "next gen" graphics. On the up-side of things, Final Fantasy XIII is due out and the graphics on that look amazing.