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Hopefully someone at Nintendo has gone to Miyamoto and told him he can't just make games based on his hobbies.

I'm very skeptical about this. IGN have a habit of pulling rumours out of nowhere. If Miyamoto has a big, new 'core' IP, then fantastic. Supposedly he was working on something new a couple of years ago that never popped out... All or nothing will be revealed at E3, I guess?