Remake = Start from scratch but same thing
Remaster = Enhanced graphics
Reboot = different approach of the same thing

Things get abit confusing if u put Resident Evil PS4 into consideration.
It is a remaster of a remaster of a port of a remake of the original ps1 game.

From the trailer graphics looks significantly improved. Probably this is a remake, some website says remaster. I'm not sure.

Is this a remake or remaster?

Yoshida again clarified that Shadow of the Colossus is a remake but they are not labeling it as one because they want to show it as a PS4 game. The developers at Bluepoint Games were picked for this task because they were the one who remastered the original Shadow of the Colossus for the PS4 so they have experience with the game.

http://gearnuke.com/shuhei-yoshida-talks-s...yed-many-times/

Reviews are in.
IGN 9.7 / 10
Destructoid 10/10