We've actually known about Earthbound for a while.
http://www.vgchartz.com/forum/thread.php?id=25620
It's probably just a Virtual Console version, and even worse, it does not guarantee a release there either (there have been a couple of games listed on the ESRB for the virtual console that got pulled later). And, to be honest, I hope Earthbound doesn't get on the VC, because that dents the chance of an Earthbound compilation on the DS, which is our only chance of getting Mother 3.