It is amazing how some people do not seem to grasp the meaning of which title...not titles, mind you, but which title.

See: Contra 4.  If you don't own it, you are wrong.

I do, however, second a new revival of Twisted Metal.  Quality car combat seems to have died shortly after the 32/64-bit generation. 

I think any franchise that's been largely dead for a long time, has been forgotten for ages or generations, or any franchise that got a somewhat half-assed middling remake that everyone boldly ignored deserves a revival.

Mach Rider (story would make for a cool Mature-themed sci-fi action game)
Kid Icarus
Forgotten Worlds (keeping it as a shmup like the original one)
Altered Beast (after seeing the new Splatterhouse and Golden Axe revivals, I think this is due--but put it on the Wii because the Wii needs this stuff).
Strider
Punch-Out
Uniracers
A modified, limited edition version of House of the Dead Overkill should be turned into a new Typing of the Dead
Dino Crisis
Ghouls 'n' Ghosts (See my Altered Beast note, the same should be done here.)
The Star Soldier series with something other than Star Soldier R
Paperboy
Killer Instinct (though worrisome as Rare pretty much lost it's way after being sold and having a near-complete turn-around in employees)
Weaponlord
Primal Rage
Adventure Island
StarTropics
Bonk
Lethal Enforcers (got Wii-make written all over it)
Earthbound
Secret of Evermore
Clock Tower
Zombies Ate My Neighbors
Berzerk
Robotron
Earthworm Jim
Out of This World/Another World & Flashback (sequels, spiritual successors, etc)
Body Harvest (one of the few games I think should have a completely rebuilt remake as it's aged extremely poorly)
Blast Corps
Afterburner
Wizards & Warriors
Shadowgate
Alien Soldier
Ninja Spirit (some cool concepts that could be elaborated upon)
It Came From the Desert
Carmegeddon
Battletoads
Hexen/Heretic
Blood
Nightmare Creatures
Demon's Crest

Some of you guys are listing games that got sequels, remakes, or otherwise in just the last couple years.  Revivals would seem to indicate something long-forgotten.  Not mentioning something like Manhunt which just got a sequel just last year...

Bushido blade

Out of this World
Maniac Mansion
X-Com UFO Defense
Baldur's Gate
Solar Jetman

Star Wars Battlefront

 Exactly, one of my all time favorites. Sony says in psn this game is one of the most important playstation franchise.

Why don't they revive it then :(

Also Dungeon Keeper3, saw a trailer, game never arrived.

Dino Crisis, more scarier this time.

freedom fighters and spartan total warrior sequels

Monkey Island (only if Ron Gilbert was involved; a new adventure series by Gilbert would be much more interesting though)
Grim Fandango
Maniac Mansion
Full Throttle
Space Quest
King's Quest
The Legend of Kyrandia
Broken Sword
(or rather: more new adventures by developers who are on the same level as the people who created the a.m. games)

Privateer

Ultima
Ultima Underworld

Lands of Lore

Master of Orion

Syndicate
Dungeon Keeper
Magic Carpet

I'd love a multiplayer, cell shaded, comix-zone game. I think with any of the 3 new systems power it would look amazing. Plus beat 'em up games seriously need some invigoration this gen.

Bushido Blade for the wii (Listen to me SE!!) Even i would like gesture based realistic samurai fighting.

Umihara Kawase for the wii ala bionic commando but bright and pretty.

Mega Man Legends nuff said

any good x-men game that can capture the fun spirit of the old 16 bit ones.

Lunar !!!
Panzer Dragoon
Virtua Cop
Xenogears
Jet Force Gemini
Conker
R-Type
StarFox
Aleste franchise
Lemmings