Updated Final Fantasy 7?

There has a rumor flying around lately that an updated version of Final Fantasy 7 (FFVII) will be released on the PS3 in Europe. When I mean updated, I mean of a tweaked iteration of the beloved RPG. It is claimed that this version of the game will allow players to compare their party's stats with their friends over PSN. Another tweak to the game is that you are given the ability to temporarily max out your party's abilities whenever you get stuck. I don't know if it's just me but I think this "new" version of FFVII is pretty lame. The fact that you can cheat your way out of a tough battle, there isn't gratification. Call me old school but it feels rewarding to finally beat a boss after grinding and leveling up your characters to the best of your ability. Essentially this rumored FFVII pretty much has a built in "Game Shark" (haven't seen those things since the 90's). Rumors aside Square Enix claims that this game is not in development and their new Final Fantasy games take priority over a re-release of FFVII. I have a feeling we will never see a remake of FFVII but if and when it is released, I want a fully updated game with pretty 21st century graphics.