That's right people. According to this IGN article that Knuckles Dawson was so kind as to point out to me (thereby giving me an excuse to put off my history homework for a few more minutes), it's happened. Sonic Team has made a new NiGHTS into Dreams game for the Game Boy Advance.
Apparently, the new game NiGHTS into Dreams: Score Attack is a condensed version of the original game (obviously focused on high scoring as opposed to anything else), transforming the world into a fully believable 2-D environment with a scrolling bitmap background.
Though I'd still prefer to see a graphically enhanced remake, this is definitely music to my ears. Watch the video. Die happy.
Source: The GHZ