Aiming for 1080p, but keeping the 4:3
Double Fine has the original Grim Fandango running on PS4, with some joystick tweaks so it controls smoother. In the development video, they talk about things they want to address, like the compression, and things they want to keep the same, down to the aspect ratio.
This is basically the original Grim Fandango running on PS4 at the moment. The PS4 and Vita remaster is, "going to be running at 1080p, all of the 3D models are going to look a lot nicer for pixel lighting."
The remaster was also announced for PC.