I think so, that game actually gives me a bit of a Ubisoft vibe for some reason, like the funky characters make me think a bit Rabbids, mixed with an arena shooter.
Although Miyamoto basically said Splatoon was more of a side project, handled by the younger blood after hours at Nintendo, so I think this may not be a huge budget product, maybe the younger blood will be given the go ahead for something even bigger if this is a success.
Will it be a success is another question? I personally think so.
I've been saying for a long time that Nintendo needs to start to deliver these not so hardcore, midway between casual and hardcore games. This game looks like it has a lot of depth, but will be very accessible for anyone new to the franchise, that just wants to jump in and play a few rounds. Having the whole aspect of needing to paint the environment, as well as attack and defense against opponents is a nice new way to handle a shooter genre.
The art style looks very pretty too, I'm very much looking forward to this and I won't be shocked if this game moves a decent amount of Wii U's when it launches.