I fully expect that if this rumor is true, it will be another Star Fox game that is sort of a hybrid of genres. I would expect something else in the vein of Starfox Adventures, only with better combat, puzzles, and without all the stupid.
Way back when, people compared Starfox Adventures to a Zelda game, sometimes, and, in light of that, some of Miyamoto's comments might apply.
I would also expect that more attention paid to the on-rails space combat sections in between levels. If this is early-enough in the development cycle, perhaps Kid Icarus: Uprising could provide some inspiration toward that end.