I liked the original game well enough, but this doesn't seem like a good way to continue the plot of the game.
Either square will make it like modern FF games, which is to say technobably and quasi-moralfull, or they will try to make it like the older FF games, which is to say they will completely fail to recapture that spark (compared to the original release, the "new" FFI is inferior in the qualities that make me still want to play such an old game).
It is also odd as FF has a consol fan base; seems like you'd want to release a new game on a consol, then, to market towards that specific fan base. At the least go with the DS, PSP, or some such.
To be fair, however, putting it on a cell phone is pandering to a new generation of consumers, which is a smart business move at least... for Japan.