They haven't done much in terms of remastering the game but you will have the option to use Japanese or English audio, the choice to use classic or modern control options, scalable screen resolution, and an updated interface. The Shenmue I & II physical edition is also available to order, bundling a double-sided poster and a reversible cover that includes the game's original artwork.
Speaking on his official blog, Xbox Programming Director Larry "Major Nelson" Hyrb has announced that pre-orders are open on the remaster of the classic Dreamcast RPGs, Shenmue and Shenmue II. It's worth noting that August 21 is a Tuesday, however, a day that most video games release in North America which means the rumored date is likely to be correct. The listing also states that the games will be bundled together for a release price of $29.99.
SEGA has not confirmed - nor denied - yet this release date!
These remasters mark the first time either Shenmue 1 or Shenmue 2 will arrive on any modern console. This collection contains the original Shenmue, which launched on the Dreamcast in 1999, as well as the 2001 sequel, which came out on both Dreamcast and the original Xbox.
Check out the Shenmue FAQ as it appears on the Sega website, and know that the originals' in-game arcade games are fully playable here.