I think the game looks terrific. The HD enhancements help the visual style, it makes it seem more like an anime. I'm also hoping the control scheme is improved becasue the first game had some issues (THE MOTORCYCLE!). While it is a shame that the motion elements will be extracted, the game will hopefully be better as a whole. I expect more people to be walking the streets, quicker load times, a new move or two, perhaps a couple more enemies. Also... the camera needs to be fixed. A dual analog camera would be greatly appreciated.
http://www.joystiq.com/photos/no-more-heroes-heroes-paradise-ps3-xbox-360/2465352/