In any case, I think we agree that the increased amount of eye-candy on the PS3 and 360 is causing the development of games to become more expensive. Just look at the budgets of last-gen and current gen games, it's not like there's anyone denying it really. There is, in my opinion, sufficient proof to say this is causing games to become shorter/more multiplayer oriented, and I believe it's leading to less truly "different" games, and discouraging developers from deviating from traditional million-seller formula, but ultimately it remains to be seen if I'm just worried for nothing again.
I would argue that the two Nintendo games you mention were delayed for a completely different reason. The Gamecube was pretty much dead by the time Twilight Princess was nearing completion, so the suits in charge decided to bump it as a Wii launch game. This made the fans wait a while longer, but delivered arguably the strongest launch title since Super Mario 64, and gave the Wii a very strong initial momentum.
Kinda like if Sony had decided to not release God of War 2 on the PS2, but instead take the time to upgrade the visuals, and make it a PS3 launch title. The decision to not do so could be called either arrogance at assuming everyone wants to buy a PS3, or confidence in knowing that the PS2 was still selling strong. I would say a bit of both.
As for Metroid, it was scheduled to launch early in the Wii's first year, but what probably happened is that Nintendo saw how the console was still selling out everywhere, and bumped all their major first party games by several months. That's probably why we're getting Smash Bros in 08... damn casual gamers ruining my fun as well. =P
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