Wow, I learned about this way too late. I had heard about this a long time ago, but never saw anything like screenshots. This stuff looked amazing, and I honestly hope that S-E takes this idea and develops it fully: I've been waiting ages, and I mean AGES, for someone to take a classic game like that, or even FF3, and just re-animate the whole game into fully-3D graphics. There are so many games that could take this and do it and I think it may even work out well. But we have to remember the interface: Some games are built specifically on their Interface and we can't let that slip for pretty graphics and amazing renders.
Chrono Trigger just happened to be one of those games where the 3-D Rendering took off: An amazing game with an excelling story, great amount of replay and practically a small cult following. I think, though, that the companies of some of these games (I'm thinking along the lines of Secret of Mana and Zelda: Link to the Past) should perhapse look into the market of re-rendering their games, with similar viewpoints and control, but entering them into the realm of Full 3D.
I applaud the group who began the creation of CT:R, and I hope they look into completing the idea through communications with S-E, or perhapse approaching other companies with ideas on other games that may be worth investing in to bring to 3-D. I also look forward to any new projects they've been working on.