The resulting new look is described as being more mature, though both men did concede that Cloud's youthful side will be on full display throughout the game, too.
For the field that Square Enix defines "HD Games" (which is basically equivalent to console games) a decrease in the number of released blockbuster titles caused a decline in overall sales year-on-year, despite the launch of Dragon Quest XI for PS4 and 3DS and Final Fantasy XII: The Zodiac Age for PS4.
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However, Cloud will look different in the next videos or images that Square Enix will release of the game. Previous year saw the reveal of new key art and the fact that Final Fantasy VII is due out some time before 2020, but not much else. Unfortunately, those screenshots were limited to those in attendance, and it was said that there are no plans to release them online for quite some time. If they're to be believed, the images showed off Cloud and other members of Avalanche. While this design is liked by many and seemed to be well-received at the time, it looks like the team involved here want something a little more reminiscent of the original.
It's been nearly a year since we've heard anything about the Final Fantasy VII remake. Director Nomura reckons this is "the closest to the original [design] among those created so far".
At the very least, Hamaguchi said at the event that development was "going well".