IA knows about it and is psyched. I'm a member of both teams, actually. Also, if you go to the forum section there's a nice post there explaining the history of the project (which started before IA started their remake) including answers to the question "Why remake an already remade game?".
Also, this is the last and final AGDI game, unfortunately. There won't be any more

. But we're going out with a bang! This is probably the biggest and best presented AGDI project out of all of them. QFG2VGA was pretty impressive scripting-wise, but KQ3Redux wins in basically everything else!
The tone and setting of this game isn't as drastic a change from the original as KQ2+ was, the original story is still very much intact, but if you think you don't need to play it because you've already played IA's version or the original, well you'd be wrong! There's still plenty of interesting things to see and explore in KQ3Redux that tie in to the same lore that was written into KQ2+. But I won't say anymore. I don't want to spoil it!