
Turns out it's still alive at developer G1M2, who last worked on SNK Arcade Classics 0 for PSP.
"Thank you for asking us about Descent for Wii," said a company spokesperson. "It is still in development and we are hopeful that the project will be completed soon. While it has taken longer than expected, we are hopeful that people will like the final product when it comes out. More details to come soon..."
One less mystery of the world to solve, guys. (Nobody tell Jeff about this.)