Some quite interesting points there. I know most of us would settle for whatever we could get (as long it was a game version) of Shenmue 3.
Remember games can be updated and brought into the HD era all guns blazing. I feel Shenmue is one of those games, using mass effect maybe as a baseline of how to get the conversational element working well. While we all have an affection with Ryo's almost wooden responses to a conversation I don't think (in my view and only my view) that anyone would complain about introducing that kind of element. Would it require a small scale down in terms of the world and what Ryo can pick up and touch, maybe. However think in Shenmue 2 how much time was spent looking around in drawers for items or for the hell of it, not that much. So I think that can be done. S2 was much more story/action driven than 1.
We already know how good the game could look in HD, I have been informed of a topic on here of screenshots of 1080p Shenmue.
It is all there for Sega or someone else to exploit, I keep my hopes up because of the stir that we as a community keep making through Facebook and Twitter.
Essay over, and if you haven't already get involved in the tweetathon on June 3rd!