I can believe the bit about photorealism. Better graphics always= more money and always has, pixel pushers will buy anything if it promises to be the best looking thing around. Look at Crysis, after all. It was nothing special as a game, but it looked absolutely nuts.
As for being like Chaos Theory, that's where I get a bit skeptical, but I really want to believe. God, it was such an amazing game in its time. Wish everyone besides PS3 users got the HD remake!