Did you see Miyamoto playing Star Fox on that blurred out screen with the Wii U, because I definitely did. That looked like an Arwing silhouette flying around in all range mode.
The news came a little early by accident. I'm guessing they'll show a trailer for it sometime today.
New Update and Video
Nintendo already gave a secret media briefing to Kotaku. The game is still very early in development, not even enough to know what the gameplay will be like. They expect to be done with the game in a year, so expect a full-fledged trailer by next E3.
Official "Screens" and Another Article
The Time article is now online. Also, Nintendo posted 'official artwork' for the in-development game, which consists mostly of screens from past Star Fox games, no doubt confusing nearly everyone.
The original photo.
My attempt to clean up the screen in the photo.