I think it's safe to assume that project is dead at this point.
It's not dead. It was said a while ago that Namco was considerin developin this game for next gen consoles instead of current gen, so that's possibly why we haven't seen much of it
Nintendo of Europe and Nintendo of America have both confirmed that the pre-E3 Nintendo Direct will occur on June 11th, at 10:00AM EST or 3:00PM GMT. Some things to be shown include the newest game in the Smash Bros. series, so be sure to hop on the hype train.