Nitro+'s 2D PC fighter (featuring Saber from Fate/Stay Night) is coming to arcades in HD, courtesy of Milestone, notes Zepy. You can see some comparison sprites here, which make it clear that everything is being totally redrawn. You can watch some footage of the original game here. The companies plan to release the game on Naomi hardware in 2009. By all accounts the original is pretty rough around the edges, but maybe they'll smooth things over in the porting process.
http://www.insertcredit.com/archives/002598.html
http://game.watch.impress.co.jp/docs/20081225/nitro.htm
Official site of the PC version:
http://www.nitroplus.co.jp/pc/lineup/into_14/
Video of the PC version:
http://www.youtube.com/watch?v=HdynYEUMYhE