When it comes down to it, the cons really outweigh the pros on the idea of creating a remake. Sure the story is fantastic and, when coupled with such brilliant graphics there is no question that SquareEnix could produce something which fans of the original would love.
What we should fear though is the changes and sacrifices they would make in order to deliver a product which wouldn't be enjoyable for just fans of the series but be enough to draw in newer players.
It will never be out of the question for Square to remake the game but as a fan of the series their decision to focus on new games and trying to make their new titles overshadow Final Fantasy VII is admirable and I fully support it as a gamer. As they say "competition breeds excellence" even when you're trying to outdo yourself.