The planned reboot of Phantom Dust did not happen and was met with cancellation last year, and this made many of us believe that they were just going to leave Phantom Dust in the past. As has now been revealed this is not quite true, Phantom Dust is not really going anywhere new, but it is going somewhere old and they should at least appease fans.
The original Xbox title from 2004 is receiving a simple remaster for the Xbox One and Windows 10, better then nothing I suppose. This version of the game will be simply titled Phantom Dust HD (a title that actually fits unlike most modern remasters) and is set to arrive at some point in 2017. Like many of Microsoft's other games it will be cross-buy compatible between the Xbox One and Windows 10, and for those complaining that you want something new not old, you should be grateful that Microsoft wishes to do something.