The Elder Scrolls IV: Oblivion Remastered - Official Trailer - Out now on PS5

I think it's definitely a remake. They changed a number of things, including gameplay. They called it "remastered" but I think that's not exactly accurate. All of the assets are brand new.

You can see clips of it in the 20 min reveal on their youtube! Sheogorath's mouth is a little weird, but everything else looks great.