The remake is using a recreation of the Playstation Mega Man X engine (hence its 'PSX' title in the name) and will include many of the features that the original fan-game left out. The engine will also include some of the mechanics from Mega Man X8, such as all characters having the air dashing ability by default.
The original fan-game used pre-existing backgrounds and sprites. It seems that this remake is instead re-drawing many of the sprites and backgrounds to match the 32 bit style of the game.
Gameplay is more-or-less identical to Mega Man X4-X6, with some elements of X8.
The game will also feature armours for Zero and Axl. A gameplay video shows one of Zero's armours, that being the "Blue 'Sonic' Armour" which allows Zero to dash at high speeds and slash is sabre faster. Axl's capsules are unknown.