Just watched the preview of the game on the XBLM and it looks awesome. It also has "You're the Best Around" from the Karate Kid as the videos music, so that makes it awesome already. And the facts you've pointed out may make it worthwhile to go and get now.
I think it's because control schemes have changed greatly since the N64, going back to play that console now just feels plain weird. Games aren't getting too complex, they're just getting more advanced I think.