I would personally like this to happen to lots of games, i mean just updated graphics. It would have to be marketed as such though, when you say "replicate" their legacy games i get the impression you mean realeasing a full game which is basically the same base gameplay but with better graphics. This of course would not be great as a proper release, but i would like to see more games re-released by devs with improved graphics and better support.
Then again, some games have great modding communities who do a great job of improving the games anyway, look at Morrowind or Deus Ex(though i would love an updated release of that!)