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Brian Crescente of Kotaku, got a chance to ask Yoshio Sakamoto about Kid Icarus at GDC. Turns out that the game is not in development, but Nintendo has been bouncing ideas around the table trying to find out how to implement it. While Mr. Sakamoto suggests that "if so many...people are interested in it and really want to see it on the Wii they should really speak up," this strategy probably stands about as much chance of succeeding as Starmen's Mother 3 petition did. It's also possible that Mr. Sakamoto will not be in charge of the project (Mr. Sakamoto was a designer of the original Kid Icarus, along with Hiroji Kiyotake, the designer of Samus).
Until next time...
Captain Commando