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At this point, i think it was in development, but was canceled, and will never see the light of day unless Factor 5 leaks it to someone like Unseen 64. The theory is that Kid Icarus's cancellation was why Nintendo's 08 E3 presentation ran short (yeah, it was full of fail, but you pay a lot of money to get a keynote time slot, you don't just piss it away like that)

 

The theory is that it was cancelled last-minute, and thereby they didn't have anything else to fill that time.



Monster Hunter: pissing me off since 2010.