I'm going to break this into 1 and 2 so I don't ramble like a goddamn hillbilly.
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BOTH: If you took the FMVs from Saturn/PSX and put them into the Sega CD, I would prefer that, I think. Lunar 1 on SCD barely even had FMVs. It was pretty stupid. Lots of barely moving shit, and then that scene at the end where Alex is like "LUNA!!!!1111".
I also giggled at the stupid humor WD put in all of the games. I was <= 13 when I played them all, so that factored into that.
Lunar1:I much prefer the turn based overworld gameplay, and the shrines. It had a very Ultimaesque feel to it with the grand scale conveyed moving around the Sega CD map. They sort of lost that on the PSX. You just walk from A to B. No probrem.
Some of the tunes are also far, far better. on Sega CD.
The first in-game tune for example, is super atmospheric. PSX didn't have that. Firing that game up for the first time and having that song gang bang my ear drums was f*cking magical.
That being said: I liked some of the tweaks of the PSX one. The presentation especially. The cutscenes were great, and the large portraits, and more detailed scenery.
The added characters and stuff gave it more depth and world-building. Especially the Vile Tribe aspect. Having 2 more chicks made it more.... of a tribe.
The battle menus were more streamlined, and the art was obviously better. They also expanded on some of the plot elements in nice ways. You basically got to feel more of the world. Especially with Dyne and some of the backstory.
I did not like the use of an Ocarina. The harp was much cooler. Ocarinas are too associated with Link at this point. I would have preferred if they gave him a lute in the redo.
I also did not like how your family / town wasn't kidnapped and chucked in a cave in the frontier.
Overall, the remakes are great and do things justice
Even the goony ass GBA one was at least playable and fun.
Lunar2:The same goes for the presentation updates on PSX. Better hardware = better anime.
However, Eternal Blue on Sega CD is basically the pinnacle of 16-bit RPGs, I think. They ditched the magic level up thing on PSX, and that sucked.
Eternal Blue has one of the best atmospheres of any RPG
I have ever played. The transition to the remakes was done well, and only really made things better. I still miss the random encounters in the remake. The dashy thing was a nice addon though.
Lunar 2 PSX's menu system, and combat was all pretty well done. It just expanded on SSSC in the same way that EB expanded on TSS.
There was not anything really wrong with them on Sega CD, so they basically just "made it more gooder because".
I have a lot of nostalgia feelies for all of these games. I can't pick an absolute favorite. It mostly leans towards EB for Sega CD, I think.
Working Designs may have tarded it up sometimes, but they really did a pretty great job of presentation/packaging, and their voice acting cast was great back then. Some of the acting quality in their Sega CD/PSX era shit was years ahead of the horsepiss we got in like, FFX. Magic Knight Rayearth voice acting was pretty good.
I do know that I don't like the PSP game very much. The map transitions suck, and the new voice actors blow. I am too used to Ghaleon's voice. Losing John Truitt basically kills English Ghaleon, so bad.
Where the hell is Lunar 3.
Dragon Song doesn't count. Shut up.