New game announced via Famitsu, with a first look video:

http://www.wipido.com/video/1722

From what I can gather:
Source: http://neogaf.com/forum/showpost.php?p=11882051&postcount=107

quote

Summary:
- Main dude name is Nick.

- Cameo appearance shown are Katherine(Birdo), OtsuSan and Hikari (all are past minor Nintendo characters)

- It appears that there are mini games like golf, bug catching and fishing.

- Captain Rainbow is a reference to Masked Rider, you can tell from the rainbow belt that he is wearing and his transformation stance

- The island that you will be exploring are pack fill with past Nintendo minor characters

- In the video, Birdo aka Katherine was bascially introducing the game, characters and talking crap

- The genre of this game still remains a mystery

The name being "Captain Rainbow" is enough to make me buy this game.

The game reminds me SO much of Chibi-Robo for some reason; voices, character looks, game look. I knew it was made by the makers even before I read the part that told us that.

Is that pink thing birdo?

If you read the article you would know that she is Birdo, and a lot of other minor Nintendo characters are occupying the island.

It look like like Animal Crossing with stuff to actually do. =o

It is, it looks like the entirety of the game is going to be referencing minor nintendo characters (probably from older games), bringing back memories and such. Hopefully they wont screw up and include extremely obscure characters.

It has a very "Viewtiful Joe" feel to it, but in 3D. Me likey so far, shame Nintendo will never ship something like that over here.

Captain Rainbow?

More info from IGN

quote IGN

Step aside, Mario, Yoshi and Donkey Kong. It's time for the lesser known Nintendo characters to get the spotlight. Their chance will come in Captain Rainbow, an original Wii title from Nintendo. This week's Famitsu has a first report.

Captain Rainbow tells the story of a hero of the same name and his every day alter-ego Nick. Rainbow is the star of a television show in the land of the free, Mameruka (this could be a pun on "America"). Thanks to the appearance of some unpopular characters, the ratings for his show have tanked. In order to gain back the show's popularity, Nick decides to head off to Mimin Island. Something happens along the way, however, and Nick learns that he is the only person who can help out the residents of Mimin.

And those residents happen to be the second tier characters from the Nintendo family. Actually, maybe third tier is a more accurate description. The characters you encounter here may be recognizable by only the most hardcore of Nintendo fans. Would you recognize Ossan, the character from the original Famicom Golf? How about Hikari, from Famicom Mukashibanashi (this latter title was only available in Japan)? More people, at least in America, should be familiar with Catharine, the Super Mario Bros. 2 boss who spits out eggs at you.

It's a bit unclear what you'll be doing as you take control of Nick and Captain Rainbow and meet all these characters. While the game offers a variety of activities like fishing, bug collecting, and golf, the actual point of the title is being kept under wraps. There seems to be a side scrolling action component to the game, but it's possible that this is just one aspect of the game.

More details should be available shortly, as Famitsu reports that Nintendo will be releasing weekly video updates for the title on the Wii's Nintendo Channel.

This is a sleeper hit in the making.

You have to believe so. It's Skip.

Was the TV in the video the same TV and wallpaper from ChibiRobo?

Lol, might look into this game. Bring on more info!

quote Emoliciousnot

If you read the article you would know that she is Birdo

edit: Just looked it up. I had no idea that some American games had made Birdo a girl. I always thought he was a guy in all countries.

I knew that Birdo was male, but in this game they gave him a feminine name so he could pass as male.

Because transvestite dinosaurs in E rated games are nonos. =(

quote Emoliciousnot

I knew that Birdo was male, but in this game they gave him a feminine name so he could pass as male.

Because transvestite dinosaurs in E rated games are nonos. =(