Speaking to Kotaku, Shigeru Miyamoto apologised for the lack of Pikmin 3 info at E309, but said that the game was still in development. Originally confirmed at E308, there have been few details released regarding Pikmin 3 since, and that continues...
I'm sorry [...] Unfortunately we haven't been able to expand the team size very much, because we've been working on so many different games that we've shown off at the show. So the team is working very hard, but it's a bit of a small team. [...] Of course [...] The basic work that they've been doing quite nicely.
Kotaku asked whether or not the team was working on a full new game:
"Yeah, and my basic idea is that the sense of the depth of the game and the simplicity of the control will all be there"
I get the impression Nintendo need to hire more developers, it seems they are being spread to thin by too many projects lessening the quality of some. Mario Kart Wii is a prime example of this for me. Anyway, I hope we see something soon.