Case in point:
Fable Anniversary on Xbox 360 earlier this year, with completely redone graphics using new assets and many tweaks to the gameplay and user interface
Master Chief Collection which only ups the resolution and asset quality of three Halo 1, 3 and 4 but offers a complete overhaul of Halo 2, both in-game graphics and cutscenes as well as several maps that are redone from the ground-up
Next is Phantom Dust that is also shaping up not to be a remaster but a proper remake.
What has the competition offered so far?
Apart from Nintendo's Wind WakerI cannot think of anything else (however I would look forward to some more ones by Ninty). Sony is yet to do a proper remake of any game this generation.
P.S. I might be mistaken with regards to Nintendo and Sony as I'm not sure about any proper remakes for handhelds, I intended this thread to be about consoles only.