I think Treasure has the credibility to make a Star Fox game. I was just playing Star Fox 64 last night and I noticed some things that need improvement. First, a better lock-on ability for your missles. It was incredibly hard to target moving enemies(Star Wolf). If a new game is made, the lock-on should mimic that of an actual fighter plane.
How about an inventory system where you can buy extra missles, blasters, shields, bombs, etc for your ship. How about co-op play. I would love to have all of you as my wing men against Andross. However, some kind of gambit system would be nice for when co-op play is not in use for single player.
As for being on the ground, I do not mind if they do it right. If treasur does the game, they could just have the controls of Sin and Punishment married to Star Fox characters. I would not mind a third person shooter for the series.