This is truely great news. BG is one of my all time favourite games series.
My main hope for this is that they improve the interface. In the old game it's really clunky. For example you can only have shortcuts to 3-4 spells/weapons at any one time. Which is really cumbersome if you have dozens to chose from and really slows down battles.
With regard to the graphics I doubt they will do anymore than allow for more modern resolutions. Which brings a certain problem because one will be so zoomed out from the action that it might make the experience a bit impersonal.
Edit: Just read they are planning on overhauling the interface for all platforms. So there is hope controls will be improved!
Plus there is talk about a new recruitable NPC and a new questline to get him/her.
Check it out at: http://www.sorcerers.net/#56875