Let's hope for the best. I wish they would've included 2, so in case the game bombs we still have proper 3D remakes of both games until the end of time. MediEvil 2 was an exceptional game in my opinion and deserves to be remade. I have very low hopes for the franchise to continue after the remake(s) but maybe this will be a proper resurrection this time...I'm kind of on the other side of that argument myself. The fact they're purely focusing on the first game could work in it's favour, in that unlike Spyro they've less work to do, which means more room and time for polish. Additionally, they keep hinting at ME2 being a possibility dependant on how well the first one goes, not the mention the inclusion of cut content too.
These guys are extremely nice. I remember when one of them thanked me for my comment on YouTube on one piece of soundtrack they made. You never see composer browsing random YT comments but they're clearly personally interested in the franchise and proud of their work.