I'm not too optimistic about this - I have Shenmue 1 on Dreamcast and the controls are very clunky, the minute-to-minute action is very boring, the dialogue is stilted and painful to listen to. It is all adds up to be no fun to play at all. Someone's got to be a pioneer in 3D open world "realistic" games and I can't think of many before Shenmue. As you would expect the open world 'formula', control conventions etc have all been improved a lot since then. These problems could, should, all be improved with this remaster. Judging by the trailer only showing the character running in a straight line (walking and turning was difficult in the original) with the original crap animations and empty world, it might not be improved.
The graphics were the best bit and to be honest, they're 'fine' today on the dreamcast (with a decent cable). The trailer looks like this has not been improved much but I'm not so fussed about this.