Someone mentioned this before (forget who), but I found the official press release on it:
http://www.4kidsentertainment.com/do...1_NINTENDO.pdf
Interesting it mentions "Nintendo Classic Characters" (which would be Mario, Link, DK, etc) and "New Nintendo Characters" (they example Pikmin).
They pretty much have the rights to do anything (live action, animated, movies, videos).. very interesting.. hope we see something out of this soon..