The Mega Man X picture, done late last year, is an easily understandable gritty take on the already "serious" X series. The more recent picture to the right is of the original six Robot Masters reimagined. Rather than "gritty," these are straight up fantasy designs.
Making Mega Man is something a lot of fans have thought of (myself included), and I definitely think such a game could appeal big time to gamers. At the same time, however, I also think it'd really alienate the family friendly image Mega Man has, and its appeal to all kinds of game players. Nevertheless, who knows what the future will hold?
Found via Game Trailers (thanks Liana!)