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TheLastStarFighter said:

Just like his Metroid pin meant something last year.

Or like the Skyward Sword music used for the Fils-A-Mech video. People thought it was teasing something Zelda related. Rocco from Mega64 later clarified that he chose the music on a whim and knew absolutely nothing about Nintendo's E3 plans.

Most likely this picture is from whatever skit NOA has recorded to reveal their E3 plans, and is not in any way an indication of what Nintendo is working on. A new Punch-Out game is a possibility, though.