As you later realized, simply throwing everything into an emulator won't do for the common modern day gamer. They'll take one look at that Cloud model—even if it's given newer textures and displayed at a higher resolution—and balk. Likewise, if the high resolution versions of the pre-rendered backgrounds don't exist anymore, they would need to make new ones—and even if they do still exist, they probably will not be high resolution enough, nor will the art look nearly as impressive.
This doesn't mean that SE can't do it. I forget what game/franchise it was about, but someone commented in another thread on BG that companies can't simply take their games, throw them into an emulator, and then re-release them. That's not true; they absolutely can do that. Numerous ones have, in fact, and there are companies that thrive by doing the emulation work for them (
http://en.wikipedia.org/wiki/Digital_Eclipse).
Further, SE could do such a thing and make a reasonable amount of money. As mentioned, nostalgia sells, and they've been milking it for years. The point I was specifically countering was related to completely remaking the titles on modern day engines, which is not feasible.