Yeah, as long as Matsuno keeps getting producer/director gigs, it looks like Vagrant Story will live on in spirit. FFXII did seem reminiscent of it when I played it at E3.
But the prospect of a proper sequel is tantalizing, especially given the way the first game ended. And he's also said in interviews that half of the story & scenarios had to be cut out, in order to fit it onto one PSOne disc. Given that, I'd welcome a Vagrant Story: Director's Cut that restores everything they discarded.
It was one of the best and most original RPGs ever, loved it.