Well, impossible is bit far-fetched but I do believe it'll be great.I dunno, never played FFVII, so I can't speak of any guarantees...
It's not impossible, but so far preview work indicates otherwise.
It has to be...
Millions of angry FF VII fans wouldn't be a good thing for SquareEnix and all involved.
PS: The SPRING 2005 dateline is still subject to change.