there's nostalgia about the general look (and especially the sound) of nes games, as well as nostalgia about the gameplay. how far this stuff goes, who knows? SE released a new "16-bit" Final Fantasy game that looked more 32-bit 2D but played like a 16-bit FF and almost everyone larfed it off, so I can't say with confidence a new "32-bit" FF game would do much better. I mean, if they throw Cloud in it, then yeah, we're talking. But a wholly original cast and story? I dunno.
With the proper marketing, it'd be a pretty big deal. I mean, I have no idea what game you're referring to with the 32 bit sprite game, so that's the first problem. is it on ps3/360? Needs to be there too.
if they made Final Fantasy VII: Advent Children 2: Advent Adults as a PS1 throwback-- that would literally have the best chance of any PS1 style game possible.
Early polygon graffix look cool as shit. In Virtua Fighter 4 Evo you could unlock Model 1 character models. It was some bomb ass shit. Blocky Goh was slapping everyone. I was really bummed when that didn't make it in to VF5.
off topic, but i played some VF4:Evo the other day and there are so many things in that game that should've made it to the next title at least, but that also needed to be standard in the genre.