Is this a disaster in crisis or will it see the light of day?

Nintendo has been teasing us with this potential gem for over 2 years now and it's been getting some press lately.  First, Australia decides to rate the game... and an M rating at that.  Is Nintendo growing that pair of balls they lost after canning Project H.A.M.M.E.R.?  It's too early to tell, I guess.

However, there is some hope thanks to some nameless dude at Nintendo of America.  It's still in development.  Seriously, it's still in the works.  Oh happy day!  Wait... is there a release date?  No there isn't... wonderful.

Hey Monolith, I'm not saying to hurry it up... but at least throw us a bone, or lots of videos and screenshots, alright?  I want to see more.