Raidou 1 is the rare game that makes up for mediocre gameplay with sheer STYLE and writing where the creators actually caring about its unusual setting. It's also a super rare game in general, being from the era where Atlus USA did tiny print runs and only did reprints of their most popular titles during the next console generation.
Of course, I have to note SOME kind of re-release has essentially already been confirmed: They publicly noted the game topped an official poll on what to remake, and accidentally changed the Nocturne re-release's achievements. The question is if it will be as awful as the Nocturne one was, and just how many of the sequel's gameplay improvements will be backported.