Holy sh*t! Have you seen this? Never believed this will ever will be possible, but it's true! The project page will say it all:
It has been 8 years of work, but the final version is here, this is complete and ready for download, Surprised? :-)
Eight years! That's a truly dedication to one of the best action games ever. I don't know why SEGA or someone else didn't already do the same thing, create a sequel using all power that is available now. Being an extreme fan of original SOR series I don't know how I missed such a huge thing, looks like it was around from about 2009 already. Yet it better to play that game then it's finished and polished.
The remake is absolutely wonderful! It doesn't seem like a amateur fun-project at all, on the contrary all assets looks like a professional quality, better than many commercial games. Music remastering is of wonderful quality. You should absolutely give it a try, it's free! The only sad thing it's not opensource in any way. But who knows, maybe in better future it will be?