These videos were uploaded the other day:
No questions asked, they look great. But it makes me a little sad because as much as I want these things to become complete, in reality it's just too big of a project for a single fan to take on (plus there would very likely be copyright issues). I just hope SEGA and/or any potential publishers find this and see how beautiful a game Shenmue HD could be. And this is just one guy! Imagine what a development team could do.