True. But did FFIV ever reach the cult status of FFVII?
I'll answer that question for you. NO. As I said before, FFVII is practically the definitive game of it's franchise. Some might even call it the representative of Final Fantasy. Although FFVI has also reached a high pedestal of it's own within the franchise, it's still not reached the status of FFVII as far as fans.
Which is a HUGE reason why remaking it could be the final nail in Squeenix's coffin, as well as the stake that is driven through Squeenix's heart. You do NOT mess with something that has reached that status. You can make sequels, prequels, even a fan service that doubles as a good game (cough, Kingdom Hearts, cough). But messing with the original formula is beyond risky, it borders on being just a plain stupid move.
Let me give you an example: Star Wars: A New Hope. More specifically: Greedo shoots first. To this very day, George Lucas swears up and down that it was always meant for Greedo to have shot first. The fans of Star Wars beg to differ. THEY know it was Han Solo who shot first. Geroge pouted and stuck his lip out, called his fans stupid for saying that, and ultimately yelled "But it's my movie! If I say Greedo shot first, then he did. So THERE!" The fans hated him for it. They also hated him for all the extra effects crap he put into the original trilogy, and the way he "rewrote" certain scenes, to make it more dramatic or up to date or whatever he was trying to do. (Darth Vader "Noooooooo!", anyone?) It got so bad between Lucas ans fans of the franchise that he actually quit making the movies, saying in no certain words that the fans were just mean. Now we have Disney taking a crack at it.
My point is, when something reaches a certain cult level, it becomes an instant classic. You don't mess with the classics. Because you are taking a risk that shouldn't be taken. And really doesn't need to be taken in this case, since the original FFVII is still so well received. Squeenix needs to focus on moving forward, not doing the stupid mistake of updating and remaking a game that is just fine as it is.