If they bring back the old style (single player, party-based jrpg) it shouldn't be top down 2D. They should go for something like the new Star Ocean (Which is kind of a Phantasy Star ripoff anyways). The new Star Ocean looks to have the right balance between Old and New in terms of gameplay.
I know I keep going on and on about this, but if you really want a modern day/old school Phantasy Star experience, 7th Dragon's pretty much it. Top down exploration, same battle system perspective (I hate that side-view shit), same hunter missions, same creator, awesome music, many of the same themes. Just dive in man.