The Punchout series is definitely due for a revival. One of the reasons it probably hasn't gotten an update is that its developer, Nintendo IRD (formerly Nintendo R&D3) hasn't made a game in quite a while. IRD specializes mostly in hardware, but they've dabbled in game development every once and a while. Probably their most recognizable series are Punchout, StarTropics, and Pilotwings. In fact, if I recall correctly, their last game was Pilotwings 64, which was a collaboration with Paradigm. While Genyo Takeda (the head of IRD) has hinted that they may tackle a new software project in the future, Punchout's best bet at revival would be if it were outsourced (NST? Retro? Sega?).