The May 2009 issue of Nintendo Power's "Next Month" page says:

"We've got a lot of great stuff lined up for the June issue, including a heavy-hitting review of Punch-Outt!!, a special report on Mario & Sonic at the Olympic Games, and a first look at one of the year's biggest action games for Wii.  See you in 30!"

The background of the page is a huge katana pointed toward the ground.  It looks extremely similar to the katana on the cover of Red Steel.

The game is rumored to be revealed soon, so it wouldn't surprise me much.  Seems like a given that it would have Motion+support.  Any other ideas on what this could be?  I can't think of anything else.

I thought people would be a bit more interested in this one...

Didn't OXM or someone say they'd reveal it in their March or April issue, but for some reason it didn't show?
I've been dying for info on this game

I would lvoe to see Red Steel 2 info!

Red Steel is one of my favorite Wii games!

Nah, in the next issue dai katana 2 is going to be unveiled as the single greastest console exclusive ever.

Which magazine previously claimed having a red steel exlusive? or was it this one?

I wonder if it'll make a comeback, like Killzone 2 did, average original, but fantastic sequel.

Nah. It will be shown at E3.

Has to be that or Samurai Warrior 3, but you would think SM3 would be shown at a venue more appropriately Japanese.

EDIT: Ooh, or TMNT: Smash Up. That does partially incorporate katana

Would be cool, can't wait (i recently renewed my Nintendo Power subscription as well so I'll get this one :)

Official Xbox Magazine revealing a Wii-exclusive game? lol XD

TMNT: Smash Up is a bossibility, though.  It feel slike Red Steel, just caues the time seems right for it and the sword is posed the same way the RS logo is.