Yes, I mean, if there were to be a reboot, I could see a rationale for it.
In terms of the remaster, I just played it a little tonight, and have some thoughts on it.
It almost has the fundamentals down, in terms of rendering, UI and movement. There is a problem right now where the movement speeds are a little off, but that can be corrected. Right now, it's a little 'floaty.'
I am using a 16:10 monitor, and 100 FOV seemed a bit too constricted, so I have it on 105 right now. That's novel for me at that ratio, and I can see a great deal more than traditionally, the mild fishbowl effect is in play.
In terms of graphical improvements, they are subtle. You could almost believe that you are playing the original Quake. As others have said, it does a good job at 'playing like you remember it,' which is also seen in ports like Doom Retro, although there's more of a labour of love there. The textures have been subtly upscaled, I think, but they are still 8-bit and blocky-looking. The models have small improvements, like actually-modeled teeth on the dogs. So, more polygons.
There are modern features available, such as AA, texture softening, and such. I turned off texture softening, Ambient Occlusion, and Depth of Field effect. The latter two are very subtle in operation. AO will put nearby models, such as corpses, out-of-focus. I couldn't see much effect from DoF, but distances are short. I have max FPS set to 60, as I'm not sure what my GTX 660 and IPS monitor can achieve.
All-in-all, the graphical improvements are minimal. I miss some of the things I am used to in the enhanced ports, such as:
-high-resolution textures
-transparencies [beam weapons, fire, and especially portals]
-particle effects [wormholes, illumination of armour and other powerups/pickups]
-detailed real-time lighting hand-drawn for levels [RTLights]
This port comes with shadows, though.
It would be nice if it integrated support for the common texture packs and RTLights, and let you choose to have transparency and particle effects. You see options like that in ports like Crispy Doom.
I was able to get the user levelset Beyond Belief up-and-running very easily, runs almost the same way you would do it in vanilla Quake. I noticed that the RTLights for those maps were not active here, the subtle lighting addons in the official campaigns are seemingly not enabled here. The level architecture and basic GL-style lighting was presented very clearly, though, and I was able to breeze through the level and see all enemies at a distance.
One problem throughout is that, for me, the player viewpoint felt as if the player was shorter than usual. This may be a FOV issue.