The end of this doomed project was one of the great tragedies of our time. Forget mass starvation and genocide, we wanted our 3D Chrono Trigger, damnit.
Okay, we know that we're pretty puristic in our rants about 2D games being ruined by the intervention of the third dimension, but just look at the screens on this page. Watch that video again (like you haven't three times already). Imagine exploring that Chrono Trigger world you fell in love with in 1995 in fully-realised 3D that gorgeous. Wouldn't this game have been better than a gold-plated chocolate cake served on the back of a naked female-type of your own choice?
CR was a massively ambitious project, but it had a massively ambitious team behind it who really did seem like they were going to pull it off for a while. And left alone, they probably would have. In the end the game's death came about not through failure of the talent involved, but via the dark sorcerers of Square Enix's legal department. In 2004 they cast Threat Of Legal Action 3 and the project was discontinued for fear of a Lawyer summon.
For the love of God, fan developers, if you're working on something this cool, don't tell anyone until it's out.