Square Enix says that a Final Fantasy VII remake would take too long and with too many resources. Fans, using hardly any resources, gave up on waiting and made it themselves.
Right now there's just a demo, which you can see the footage of below. It's by no means polished, but hey, it's better than what Square Enix is giving us. You can download the demo for yourself to check it out. Do you remember Tifa's boobs being so big?