You know, I trashed the look of Treasure Island Z when I first saw it, but after watching the video I have to say that I can appreciate its art style. Sure, it may be "ki**ie" looking, but what seperates it from the pack of other quick cash-grab ki**ie games is the fact that there seems to be a lot of thought in the presentation of the game. Capcom didn't just throw a coating of primary colors on a crappy game. The style in this game is legitimate, and it looks really good...hell, some scenes were almost Wind Waker-ish good. But the naked bald kid is still creeping me out...a lot.
Though, one thing I do worry about is the actual gameplay. From what I've seen the game looks like it's walking a fine line between puzzle/platform game that's truly fun for all ages, and elementary school PC games, where the gameplay is mostly point and click and largely involves actions that don't really connect you with a sense of adventure like "Here's a tree, use the wiimote to saw it down!" and "There's a lever! Pull it with the wiimote!" or "there's a bad guy! Shake your bell at it by shaking the wiimote!" Still, if Capcom can make it all a fluid I think the gameplay will actually be fun.
Still, I actually believe this could turn out to be a good game. I'm keeping my eye on it.