Yes, the 4 core things we are addressing are performance, stability, integrating steam networking for multiplayer, and adding the previously only console DLC.
We are not touching the original version of Saints Row 2 PC Steam, so it will always be available. The fixed version will be a new separate entry in your Steam library, and free if you already own it.
It's not a remaster. We are working on fixing the issues with the PC port for modern systems. It's a small team working after hours and there is still a lot of work left to do.
@IdolNinja who created Gentlemen of the Row is part of the two person team fixing the PC port. He is also creating a new version of the mod for the new release.