Since there is a lot of very specific details, but not a lot of clarifying details, I think we're still a ways off from actual release. But I think we're actually further along than what is just seen in the trailer. As odd as it sounds, a lot of Japanese companies like to say in percentage their development progress, usually when they get past the 50% mark. They even said so for FFXV. Since we haven't heard one yet for VII I'm going to guess they haven't half finished yet with the game. But if most of the game is about just remaking things rather than figuring things out, then development time is probably moving quickly. Seeing what they showed, they're in a Production stage of development rather than a Pre-Production stage. The only question is how long their Production stage is, because once Production is completed they will be nearing release.

I guess the curious question now is does FFXV or FFVII come out first. Because the first part of FFVIIR could be next year rather than 2017, even though that makes a little more sense at the moment. FFXV probably is still first just the way they are looking. But it seems development has VIIR on track to be out very soon.

Just remember, we still haven't seen Tifa, Aerith or Red XIII all would also be in the Midgar segment as well.