Not good, I imagine; IMO part of the magic of a game from the era is that blocky aesthetic. I'm reminded of how Dracula X Chronicles completely sucks all the joy out of Rondo of Blood with ugly 3D models and weird arrangements of the compositions with 'real' instruments (or just a different synth).
The PSP SotN was different enough than the NA PSX release, including a new Maria mode (different than the Saturn one), and a new translation (technically better, but retranslates some iconic lines).