Metroid 2: The Fan Remake!

Metroid: The Return of Samus? Why yes, don't mind if I do! I loved that game. That and Battletoads were the best gameboy christmas ever. Seriously, THE BEST EVER. Now, some industrious internet denizen has gone so far as to remake the title in glorious 16-bit awesomeness.
My question is this: Is the game just a SNES Metroid sprite and level hack? That's sure what it looks like. I'm cool if it is, because frankly that is still a lot of work and I'll still play the ever living crap out of it. I just want to know how accessable this is going to be to the general public.
The title image not do the game justice? There is the full trailer after the jump. Be prepared to change your pants.








Looks like it's using some of the Metroid Fusion code and animations too, I see ledge hanging in that trailer.
Looks amazing though. I just hope that Nintendo doesn't shut it down. Or even better yet, Nintendo could start paying the guys working on this and let them release it as a DS/WiiWare game.
Sadly, they're more likely to shut it down than buy it off of them. Nintendo's not very smart with the whole "take advantage of the work other people have done to make a profit and delight fans so everyone wins" thing.
This really the first time you guys are picking up on Project AM2R? Also, Asterick, I think if you read in a bit more you'd see that it's based off the fusion/zero mission engine, but it's been recoded six ways from sunday. All the sprites (most already are) will be from scratch, the physics is pretty drastically different, etc. Pretty much everything is from scratch or really heavily edited (some of the base code - because really, why rewrite it if it's already there)
Actually Nintendo probably won't shut them down as long as they don't try and make money off of it. Ninty is pretty decent about stuff like that. (See also: Mother 3 translation).
I'm pretty impressed. If I had to guess I think those are the assets to Metroid: Zero Mission.