It's more than 12 years since Star Wars: Knights of the Old Republic was released on PC and the original Xbox. Given that amount of time of course the game doesn't look as perky today as it once did. However, Apeiron is working on an improved version built using Unreal Engine 4, and what the small development team has shown so far looks very nice indeed.
The team consists of programmers, artists, voice actors, world builders, and writers. Their plan is to remake the original with added content, new worlds, missions, HUD, inventory, items and compainions. So far it looks like they're getting no interference from Electronic Arts or Disney (the owners of Bioware and LucasArts respectively). The game will be completely free and maybe that's why development hasn't been stopped.
To show that something like this can work, Apeiron cites games like Black Mesa, which is a remake of Half Life, and Renegade X, which is a rebuilt version of Command & Conquer. If you want to get involved with the project, details can be found on their website.
Now, here are some screenshots of the remake of Star Wars: Knights of the Old Republic: