Pikmin 3 yesterday received quite a spotlight in the "3DS Nintendo Direct". Good for us though because that means we got a full reveal on the new kind of Pikmin hinted at previously. What came later though is of most excitement to fans... Finally a release date. Fans wont need to wait till E3 to find out when they can play this game.
What Nintendo initially said was "a few months away", is specifically August 4th, 2013 in North America. In Japan it's a few days later. No word yet on the EU or AUS releases.
Nintendo PR said:
Pikmin 3: In addition to new Rock Pikmin, the new game also introduces flying Winged Pikmin that follow the player and can carry items in the air. The game launches in stores and in the Nintendo eShop on Aug. 4.
Oh yeah! I forgot about W101, I cannot WAIT for that. Looks amazing and exactly the style and type of game I buy Nintendo consoles for because they just don't make stuff like that for major retail release on Xbox and PS.
Based on that link it sounds like the timer is back. I don't know how else they can bring back the stress element Miyamoto is striving for in this new installment without bringing that timer back, and it also goes along with him saying it'll be closer to the first game than the second.
That being said. I agree with @Marsh and hope that the exploration element from the second game isn't removed.