I am also looking forward to it. If I'd participate, I'd be in for the fun mostly and I don't care if the art I make will ever get any use, because I simply enjoy making art in the first place.

Actually I've been running around with the idea of making a mock up Phantasy Star alike game with a bunch of fans, more like making an own installment in the series, rather then recreating an existing game. The problem of that imo is that it most probably will never be 'better' then the original. I would also lower the chance of SEGA making it a legal issue, if you don't copy any copyrighted material. In the worst case you'd have the change a bunch of names.