Benga, that's basically how I'd like the game to turn out, thouhg I'd be perfectly content with a somewhat more cartoony Pit, ala SSBB.
Of course, the fact that it's being made by Factor 5 pretty much ensures that it will have a more realistic look, and that it will have a very cinematic presentation. Just look at Lair. The gameplay may have sucked, but it had one hell of a presentation.
As for items, I think it'd be cool if they combined the item systems of Zelda and MP. Provide powerups ala MP, but also allow Pit to use other cool items ala Zelda.







