Earlier this year it was revealed that Monster World 4 (part of the Wonder Boy series..? That series has a messy history ) was rated by the ESRB for the Xbox 360 and Playstation 3. There was no mention of a Wii release, however. Thanks to a recent blog post on Sega's site however, they have announced plans to release some classic Sega games from the Master System and Genesis for the Wii's Virtual Console and on Playstation Network. Monster World IV is included among these games, and is singled out for its previously being Japan-only.
The fact that Sega would go back to a ROM for an old game and translate it is pretty significant. Personally I'm very excited for this, and hope that this succeeds. If it does well for Sega, perhaps this might inspire other companies to revisit old games and translate them. I'm curious why there's no mention of an Xbox Live release though. When the ESRB rating first came around I was wondering why there was no Wii release mentioned, but now there's apparently a Wii release with no XBLA release. It's unknown whether an Xbox release is still planned.