"I think it is just a port/remake of paper mario on n64."
it could be just that- the game came out late in the n64 lifetime and got very good reviews- and it was a great game
but i wouldnt bet on a port- maybe a full blown remake like resident evil- it could employ a new graphical style (like cel shading or even better looking hand drawn sprites) add a few more locals and dungeons, and the game could be a hit- but i still believe that it will not be a remake just yet- we havent heard much on it besides the fact that it is a real game on the gc- so it could be a sequal which i would hope we get- or maybe even a group project of intelligent systems and square-enix to make it