Some students at the Ringling College of Art and Design created a Star Fox inspired scene in the Unreal Development Kit, a game engine. It shows fly-through of the Great Fox and the launch of an Arwing showcasing their knowledge of UDK. Some on the internet have speculated that a Star Fox game on the Wii U might look like this. The platform is certainly capable of similar quality graphics. Unreal Engine 3 does in fact run on the Wii U.
In related news, there is a Star Fox Animated Short Film in the works by a mystery animator named Joe. Starfox-Online.net has all the details that are available.