New fan of the band here! I discovered them around August of last year and have been obsessed ever since. I was disappointed when I found this forum that it was all but dead, it's hard to find any discussion of this band, in English anyway lol.
I was under the impression at first that Replay! would just be live recordings, but new versions is a lot more exciting. They're in a really cool place sound-wise right now, so I'm looking forward to hearing the new takes. The only disappointing thing though is I wish they'd chosen less songs from the Karate House-We Ate the Machine-Absolute Polysics! era (though on second thought the early songs are so perfect I'm not sure I'd want new versions). I hope they put it on iTunes.