[color=#4B0082]I like remakes when they actually add to or improve on the original game in a substantial way. Metroid: Zero Mission is my favorite example of a good remake. It took the original Metroid, which hasn't aged very well, and updated it with modern Metroid game play and level design to make what almost seems like an entirely new game.
On the other hand, if a remake only makes the graphics prettier, I generally don't care. I want improvements that make the game more fun to [i]play,[/i] not to look at. This is why I'm not scrambling to get a 3DS and OoT 3D. Though the inclusion of Master Quest would be exciting if I didn't already have it on a GCN disc.
Straight ports I see as mainly a convenience thing. Like, I bought both Zelda: A Link to the Past and Super Mario World on the GBA for $30 each even though I owned the original SNES versions because I wanted portable versions and also because dragging out the SNES is a pain. And I played both of them to death on the GBA, so that money was well spent in my opinion.
Regarding FFVII, I think the thing I'd want most from a remake is greater differentiation between characters in battle. As it is, Aerith and Cait Sith are the only two that are significantly different from the rest of the bunch. That makes combat very bland most of the time, even in comparison to other FF games that use the ATB system. Also, greater penalties for equipping materia would be nice for keeping everyone from being able to do everything all at once.[/color]