While PS2, 3, and 4 have all be released on the Wii's Virtual Console, Phantasy Star 1 has been a no-show there so far. There are other Master System games on it, but this one has just not appeared yet. Today I was reading some news about a Final Fantasy IV sequel coming to the Wii - via WiiWare. This FF game was originally released on mobile phones and the rumor has it that Square is porting it to WiiWare.
That reminded me of Phantasy Star: Deluxe Edition - the version of Phantasy Star that was also released on mobile phones. If Sega were to port that to WiiWare, would you buy it? Supposedly the story is unchanged (though there's not a translation yet), with the graphics being a mixture of enhancements and simplifications.