You've got to wonder about the timing of this....for people in NA, this would be pretty apt timing with Halloween, but in Europe, Halloween isn't really celebrated, is it?
The value proposition is also something which Nintendo must be aware of. This is a cheap and easy to find game....are they really going to sell a lot of copies? I think even the power of the brand and awareness of RE4 must be on the wane for more "casual" fans, and for hardcore fans, we already either own it, have played it, or know how easily and cheaply we can get it.
Maybe this is selfish, but what they should do is release some of the more hard to find, rare Wii games. How perfect would it be if they released Radiant Dawn on VC when Fire Emblem If comes out? That game is INCREDIBLY rare and expensive, even more so than Metroid Prime Trilogy or Xenoblade. And they don't have to worry about kicking back money to a third party, since it's theirs.
Or why don't they take a tack from Sony, and do something like re-release Path of Radiance and Radiant Dawn, and call it "Fire Emblem: Radiant Chronicles"? There Nintendo, I gave you that for FREE. No need to pay marketing for that idea.