I adored the first Lunar on Sega CD. When the sequel came out, a few reviews said they were annoyed at the amount of pop culture referances and winks to the player. They described feeling like they were never really "inside" the game. I could completely relate to this as these things distracted me from the first game. I never did pick it up despite being a freak over the first game.
I picked up the PS1 remakes and still got my Ghaleon puppet on the shelf. I still never did play through Lunar 2 though.
Just last year I saw the Sega CD version of Lunar 2 in a mom 'n pop shop near my house in great shape and reasonably priced. I traded them a couple doubles and picked it up. Now its sitting there begging to be played. I intend to some day.
As for a revival? I would be up for it but it would have to be something majestic, no more cash-in rush jobs. Return to form please.