I... can't believe this. Why would Capcom announce this game and have all the contests and fan-submissions if they aren't even fully-committed to releasing this game? If Capcom ends up not releasing this, I will be so disappointed. Mega Man Legends III is a game I've been wanting to play for over a decade, and the doubt over the possibility of this game's release is like a kick in the face. Capcom had better not cancel this
Was it really revealed in infancy though? It sounds like they have a playable demo ready for the thingy later this month. There are all kinds of 3DS games that have been announced that are nowhere near playable demos yet.
Plus wasn't the announcement met with a lot of excitement? I doubt they wouldn't follow through on this one.
It's back to perspective again. It was met with a LOT of excitement... by a handful of people who you were probably talking with a lot. On a bigger scale, though, there wasn't much hype happening.
It would be a shame if this gets canned, but like anand said, I too remember the Capcom 7 (or whatever it was) that turned into the Capcom 2 and a half or something. More and more I agree with this new concept of announcing a game months before it releases, instead of years. It's just better in the long run.
I guess it's the same situation as a Beyond Good and Evil sequel: the publisher wanted to gauge the reaction to see if it was all worth it. Hey, BG&E2 seems like a faint possibility now that they did that HD port, maybe an HD port of Mega Man Legends that sells is all we need to give this 3rd game a chance to exist.