Who knew that PXZ getting a localization would be the least surprising surprise news this week (or at least the least interesting).
But yeah, would totally love to see this. Even beginning to imagine the Ganondorf fight at the end in glorious HD is almost enough to get me to cream my pants (and then there's yet another SMT/Persona game and...wait, what! *creams pants*).
My one issue is that there seems to be a bit too much bloom in the screenshots/trailer, but that'll be nothing but water under the bridge if they either give the third pearl a proper dungeon or make an extra big extra island that, while similar in principle to the Ocean King Temple/Tower of Spirits of PH/SS respectfully, isn't made mandatory yet provides players a difficult and puzzling terrain to explore and loot at any given point in the game.