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Honestly I think whatever Retro was working on is either finished or closed to and it might come out sooner than people think, yes it has been 5 years since TF and we have heard nothing from them since then but if the StarFox rumor is true then it could have taken a while to get development started.
Plus if Retro for the past 5 years as done nothing and/or was only getting games canceled would Nintendo really be going to go with them to MP4 after what was already a shitty situation? to me that doesn't seem likely at all.