IGN's staff has posted an article on their thoughts about what Capcom should and shouldn't do with the Mega Man franchise.
I must say that I agree with them all the way. The franchise has a style that must be built upon, even if an alternate graphics style is used for a new series. I also think that a reboot would be a terrible idea, and that they should focus on a new IP if they want to do something like that.
My favorite quote: "We don't care what Mega Man's original box art looked like. In fact, it's probably best forgotten." The inclusion of "Bad Box Art Mega Man" in Mega Man Universe was a terrible idea, and is the tipping point where I started thinking that the whole project was horribly misguided.
There's room for growth in this franchise. They just need to find the proper way to do it.
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