If it were by my choice, I'd probably like both the remake and the last game that will wrap up everything and end the Compilation.
Remake... well... I'm sure most of the FF7 fan population would like to see an upgraded original game and fix some inconsistencies lingering about. If they will remake it, I hope they'll do their best with both the graphics and remixed music, as well as upgrade the battle system... to create much more complex action battle combos, because I'm a sucker for them. I would also like mentions of other titles, add new locations/bosses/Materia/whatever, maybe add a few new scenes or add the ones that were cut out from the original. Other than that, the story should stay the same.
The last game... I hope it's a game, but I wouldn't be utterly disappointed if it were a movie, but I cross my fingers and say it will definitely be a game. For the main character, I would like to have Cloud, but I would like to control other Avalanche members as well... but I don't want to control any new grown character (maybe only Shelke, she a different story) like Denzel. It shouldn't take much time in between DoC secret ending and the last game, since it would be a bit ridiculous to have Genesis wait for ''insert number here'' years for kids to grow up, pick up the sword and go all ballistic on the villains, har har. If anything, a couple of months sound more plausible for Genesis to get his act together and do... whatever he's planning to do... bleh.