Shenmue features a bunch of Sega games and licenses. Many of which have appeared in numerous Collections over the years. What can be the problem here, really?
And these bloody copyrights issues stalling obvious things like this from going ahead... FFS! We need more reasonable rules here and agreements from the get go that allow licensed content to be used in future versions of the same game, not this re-licensing for each and every slightly different version on a new platform which appears to be how these things are done.
Honestly, it would be better to just avoid licensed content like the plague. We'd have Crisis Core and Dirge of Cerberus HD by now if not for Nomura being an insufferable Gackt fanboy. Who the hell is Gackt anyway? All I know is that he is someone with no international relevance who singlehandedly ruined FF7. And from what I hear, licensed content in PSO2 is one of the things holding up its localization as well, along with some other bullshit like the publisher of the Chinese localization apparently binding them from releasing PSO2 on Steam for X amount of years (Apparently a lot of Chinese publishers see Steam as a major reverse-importing threat to their business).
Japanese copyright holders are the single most dogmatic ones on the planet. Never going to change. As discussed in one of the threads on music being removed from San Andreas's re-releases, anyone who tried to negotiate a permanent license for anything would be laughed out of the boardroom.
OT: To the guys saying getting PSO2 localized at all would be a victory - I ask of you all: Is there ANY late-localization (3 years+ from JP release) notable for being a success that is not named Final Fantasy or Metal Gear? PSO2's Japanese release was four years ago, and since then Capcom has capitalized on Sega's laurelsresting by pushing the Monster Hunter series in the west, eating up pretty much all the remaining unserved market share of the Coop Action-RPG genre Sega was ignoring.
If you ask me, the time to localize PSO2 was back when Monster Hunter was still a no-show in the west and everyone was still reeling from Diablo 3 being shite.