'Star Fox Zero' has a release date
Also on the same day, an Amiibo figure of Star Fox character Falco Lombardi will be released; Star Fox Zero's newly revealed final box art does promise Amiibo connectivity, but it has not yet been revealed exactly how. Falco will be the second Star Fox character to gain an Amiibo figure, after series protagonist Fox McCloud, as well as the final character to gain an Amiibo this year.
Star Fox Zero is meant to be a showcase of the Wii U's signature gimmick, the GamePad, a controller featuring a separate screen. The Star Fox series has frequently been cast as a Star Guinea Pig, the original game being a showcase for the Super FX graphics chip while the remake Star Fox 64 introduced the Rumble Pak and the now standard idea of force feedback controllers.
Update (9/18): And now Star Fox: Zero doesn't have a release date; the game has been delayed until spring 2016.
Update (11/12): And now Star Fox: Zero has a release date again; the game will be released April 22, 2016.
Storywise, this will be a retelling of Star Fox 64 (itself a remake/reboot of the original game), with probable additions of levels to accommodate new modes. Seeing as how the original two games, as well as the latest non-remake game in the series, Star Fox Command, featured branching story lines with multiple endings (and story rarely being a high priority in the games), worries about "canon" shouldn't really be an issue. A bit more worrisome are the chance furry favorite characters like Krystal (introduced in Star Fox Adventures) and Panther Caroso (introduced in Star Fox: Assault) may not have a future with the series. Both characters were featured in Super Smash Bros.: Brawl's Star Fox themed level Easter egg, but not the more recent Super Smash Bros. for Wii U's.