However this was just a preliminary announcement, but we have heard a lot of talk about what features could be in the game and what may not be. So here are some of the things which Hypable put together.

There should be a multi-player element to the game as well as the tournament aspects. Progression would be natural as multiplayer first showed up in Kingdom Hearts Chain of Memories, which was on the Game Boy Advance. We also saw it on the PSP in Birth by Sleep and in Dream Drop Distance and 368.2 days on the 3DS.

There is nothing wrong with smashing buttons on the gamepad, but that’s just for a little bit. Some diverse battle controls are needed and this could be addressed in Kingdom Hearts III with a Drive feature. Providing it continued in the direction, it would be great.

One thing that people don’t want to see is remix games or another one following on from Kingdom Hearts III. Some time should go past before this happens. At the moment the reveal of Kingdom Hearts III and the wait for the game will be fresh in the minds of fans and continuation that is spaced out is needed if they are to keep up the flow of content. This would make waiting around for a remix worth it.

Source: http://www.sidhtech.com/news/kingdom-hearts-3-status-update/10019557/

I wonder if it will get stuck in development hell like FFXV.

How is this a status update?

I didn't see anything about how far along the game is or what decade it will release in.

i really need to pick up those HD re-releases. i watched my friend play them back in the day but didn't get to play it myself.

Doubt it, I think the main reason FFXV was taking so long was because they couldn't get the game to run smoothly on the PS3 with the cell, KH3 is being made from the ground up for the PS4 which is much easier to develop for.  If you look at old FF Versus 13 gameplay and FXV gameplay not much has changed, except ofc that it is on a much bigger scale because of the more powerful hardware.  Also some parts of KH3 are already done, ex Tetsuya has said he already knows how the story will go in KH3 so they don't have to waste any development time thinking about that and go straight into making the game.  They already have some components of the gameplay done, ex they have said if your familiar with the combat from DDD then you will be familiar with KH3, which obviously I think means Flow Motion is coming back, and this  the Osaka team making KH3 so they already know how to implement that into a new game.  I think people are downplaying how far into development they already are, I think we will see a release in 2015.

KH 3 will never come out.

love the kingdom heart games. This is one of the few games,that would make me get a new system just 2 play it.