Fascinating stuff here!
A lot of people have taken some rather cheap, and, I think rather ill-informed shots at past attempts to bring the Mega Man franchise into 3D (I make no bones whatsoever about my great fondness for the Mega Man Legends series, including the prequel, The Misadventures of Tron Bonne). Nevertheless, I am, I think, largely in the consensus where it concerns the idea that a certain purity is also a large part of the lasting appeal of the original Mega Man series. I've spoken before of how brilliant a move I thought Mega Man 9 was, returning it to its eight bit roots.
This having been said, it seems there's a fan-made game which is attempting to bridge the divide between these two areas of endeavour, and if this trailer is any indication, doing so in fine form indeed.
Click to view
Leaving aside the issue of "borrowing" classic music and artwork from an existing game, rather than inventing new stuff (compelling arguments for and against which can easily be made, think), there's some genuinely cunning stuff going on here. The designers have a really solid grasp on level design, with challenging and engaging stuff going on all the time. The two player mode in particular impresses me; it's tough to pull off co-op stuff in this genre without it coming across as nothing more than two single player modes being played simultaneously or else as tools designed specifically to turn players who fail to work together in perfect tandem against one another. But this looks like it could actually pull it off.
I'll be very interested in following the progress of this project.