In his last interviews, Miyamoto said he was workin' on the next Zelda (i guess hand-in-hand with Aonuma)... earlier in 2009, he must have worked on NSMBWii and Galaxy 2, and as both are finished or nearly finished, it seems that all his work is now really focused on Zelda Wii...
I don't think he'll have enough time to do a Pikmin 3, at least not for a 2010 release... and maybe he'll supervise other projects anyway: if a Starfox, a Kid Icarus or a Donkey Kong is made by another team, he'll keep an eye on it and wil give some advices, by example... but he won't be the director, he just can't do everything... he's human, after all... :)
But "big" surprises may come from other teams: not only Retro, but also Intelligent Systems and Hal Laboratory, and maybe even Monolith (after Monado) and Camelot (after Golden Sun)...
Or maybe some partnerships, à la Metroid Other M with Team Ninja... this would be the best way for Nintendo to be able to release more AAA games, because their internal teams just can't do more and more... but of course, if the final results are like the rumored Factor 5 cancelled projects, they will get afraid, and will only trust themselves, as usual...

"A beautiful drawing in 480i will stay beautiful forever...
and an ugly drawing in 1080p will stay ugly forever..."







