The game uses the old assets and still looks really well on modern devices.
Originally there was a plan to develop a new game in the Phantom Dust IP. But as we all know, the long silence from Microsoft resulted in the reveal that instead, the original Xbox game is being prepared for the relaunch for the Xbox One and Windows 10.
Below you can watch a lengthy gameplay from the modernized version of Phantom Dust. As it is revealed in the audio commentary, the original assets from the game were prepared far beyond the capabilities of Xbox console and are now used without the process of remastering.
The game will work in 1080p on Xbox One and 4K on PC, with graphics scalled for the respective hardware.