Personally, I think MGS is a little too recent to be remaking (1997 wasn't THAT long ago) but it will probably come out good, and I'm intrigued by it nonetheless.
Actually, MGS3 was just announced as to-be-shown at E3. I think this is actually MGS and MGS2 (I'm talking about the GCN one). It'll probably be like Substance with MGS added in. And while I would like to see them remake the original NES game, I'm not sure that's much better than remaking...
They're working with Konami, first of all. Second, they probably already have the engine from Konami, so all they have to do is create the game world for MGS. Third, they have the blueprints from the first game to go off of, so it's not going to take them that much time to put it all together...