A lot of water has flown in the sewers of Sigil since Torment. Chances are, if we assembled the exact same team to remake the game without any preconceptions about it, we'd have wildly different product. Time can change the nature of man. Heartbroken Avellone would refuse to write romances into the game, instead making the bittersweet NPC interactions bitter and mean. Saunders would look at things from the perspective of a mature family man, being unable to come up with the same naive perspectives as in the original.
It could still turn out to be a good game, maybe a great game - but in many cases, not a game you'd love now as you loved PS:T back in the day. The audience too, has aged.
But don't worry Lockalibber, even if Chris isn't in the helm this time, I'm sure Obsidian will get to do Torment 2: New Baator eventually!