A quick a dirty translation of the new features listed during the live stream reveal:

New Enemies

New maps

Alchemy system will be redone

You don't have to replay stages between characters

You can teleport between areas

Fighting system has been readjusted more like Muramasa's fighting style

OST will include rearrangements but also new songs from the FFT composer

Faster response when crunching and moving

New animations when using items

Main Menu includes an option for "Classic Mode"

And more

Good to hear, I was close to picking it up for PS2 a number of years ago, it was available for cheap in a store, but I didn't have enough money on me then, and the game was gone the next time I went there, and I've never seen a copy in the wild since.

Oh sweet! I never played this when it came out and it's bothered me a bit. Definitely giving this a shot when it comes out.

I bought the PS2 Classics version on PS3 forever ago when it was on sale but never actually got to play it much. This having actual gameplay improvements and stuff sounds great, I'd probably pick it up at some point especially if it's cross-play/buy.

About time. The PS3 compatibility deleted a few saves and I never went back.

As someone that thinks Muramasa: Rebirth is the best retail Vita game, I'm very excited to go back to it. In an improved form, no less.

I played this game but my failures on the Ice Level made me quit in a huff. Maybe I'll replay it now.

I hope they do something with the itens/boss dificulty, I've been stuck on a boss without healing itens for years

Nice to hear, although I didn't like the game that much. The gameplay felt shallow.

I also bought this when it first went up on PS2 Classics but couldn't get into the gameplay. The game is simply gorgeous though so I've always felt bad about not giving it another shot.

TAKE ALL OF MY FUCKING MONEY. Though not my favorite Vanilliaware game, it's still one of my favorite games of all time and an updated version whose features include more than "yo, we added more of the graphicses!" sounds like a dream come true.

I'm all in on this.

And I just bought a PS2 copy of this game! Ah well, I'll still probably check this out if/when it comes stateside.

I know I played this when it came out, but I can't remember much about it, and I'm not even sure if I finished it or not. So, I'd really enjoy playing it again on PS4.

Very cool. I quit the original version halfway through because of the terrible combat amongst other issues, but the art and music were fantastic (of course) and the story was one of the most enjoyable I've seen in video games. I'll definitely pick this up.

The title in the wiki needs to be changed, by the way. It's not Leifdrasir, it's Leifþrasir, derived from Lífþrasir in Norse mythology. The þ represents a "th" sound.

By the time I got to the fourth and final character's playthrough on the PS2, the abysmal frame rate and repetitive nature of the game got to me and I quit. Muramasa was much better in both regards. I'd be interested in playing the game again if they've remedied those things.

Yeah I was surprised to see people actually excited for this. I got this years ago and played about an hour before I stopped and never returned. Graphics aside this game was really mediocre. Vanillaware has done much better over the years.

Also I saw something about them teasing another game a couple days ago but the pictures I saw had some sort of robot girls. Was this really the announcement or is that still yet to come?

Oh nevermind i looked it up and whatever that was is being unveiled in september.

This is great news to hear. I have always wanted to play this game for a long time.

I've always found it crazy that there is a Mountain Goats song about this game.

Darn it! I just bought this in the last couple of months on PS2.

I have to say, I was really hoping for a new project from Vanillaware even though I figured it would be a remake or remaster.

@whitegreyblack: They are working on something new, we just don't know what that is quite yet.

@neocalypso: Oh, good! I figured this must have been what the Atlas/Vanillaware teasing was about this week.

IF I ever getting around to resuming the PS2 classics verision i own, I'll pick this up if it arrives here.

Fucking fantastic but I liked the original combat better than te combat in Murasa so hm... Still can't wait, it's the perfect game to live on my Vita.

I bought Odin Sphere for the PS2 last Saturday which has been an unbelievable coincidence but I am enjoying it a HUGE amount. This has hit my number one in most anticipated game! Cannot wait to see it with improved art on the PS4.

Is the camera always zoomed in so close on characters?

Screenshots: http://www.siliconera.com/2015/08/10/odin-sphere-leifthrasir-screenshots-show-its-new-and-improved-looks/

Beautiful stuff, can't wait to finally see it at a steady frame rate.

Now, time to finish those Muramasa DLC's.

One of the best games on the PS2. It's good to see this happening; more people will get to play it.

Wonder if it's cross buy; i may still pick up one for ps4 and vita, and/or steam (one can hope)