There's actually a very good reason this game is on the 3DS. Namely, that MML is a franchise that historically has not sold very well, and Inafune stated he needed around 15 million US dollars to make the third one on a current-gen console, but Capcom wouldn't fund him (understandable, considering the first 2 were niche games, not to mention Misadventures of Tron Bonne).

Capcom would frankly have to be clinically insane to make the game for an HD system, IMO.

And have you SEEN the graphics on the 3DS? They can really make MML3 look awesome. Not to mention with all the hype for the 3DS, plus the fact that it'll sell like hotcakes because it's a Nintendo handheld, really makes it to where MML3 has a good shot at finally making the series a household name.

Anyway it's kinda sad that the topic isn't about MML3 right now but a bunch of pointless, unfounded whining over what platform the game's gonna be on. I'd expect that from GameFAQs for sure, but not here.

There's a contest going on right now where some artists (some from Capcom, some from other companies) are designing the new female character, Lily, and we have to vote for the best design. Of note is that even Tatsuya Yoshikawa has gotten in on it (he did the artwork for the Breath of Fire series and some of the newer Mega Man games) which is way cool. It's on Capcom-Unity somewhere. If I get some time later I'll throw the link up here.

MML was a huge part of my childhood. I've played each game through so many times that it shouldn't be legal, and to see this third game finally being made and picking up where the second left off is just awesome.

Capcom is also looking into re-releasing MML1 and 2 on PSN but have to iron out some stuff with the voice actors first before they can do it. So there's also that to look forward to.

Here's some early build footage of MML3:
YouTube - Mega Man Legends 3 gameplay footage on PaulGaleNetwork.com

For the sake of backing up my earlier words, here's the interview with Keiji Inafune where he mentions needing a huge budget to make MML3:
YouTube - Megaman Legends 3? | A Suprise Interview with Keji Inafune