I don't think the exploration mold would really work in harmony with current 3D action level design. The ease of pace and movement is pretty much flipped when you're adding a dimension. How does Metroid Prime handle the level design? I never played it. But I guess that would have the right things to change.
You'd have to make the combat engaging but a quick affair to ensure a quick pace when traveling so that they remain interested by not frustrated by having to run through the same enemies. There's also the issue of also making the environments more interesting to navigate with fast and smooth momentum. The game itself would have to be less difficult (well not that much) than your standard action titles to build on the desire to explore rather than make players wary.
The core point is that there's so much untapped potential in 2D, they really don't NEED to go the 3D way.
Just make a 2D CV with:
- HD graphics
- a streamlined sub-system entirely based on subweapons (something like the CotM DSS but affecting subs instead of the main weapon, taking a cue from LoS)
- revamped combat - insert unlockable combos and moves, a block system, a dodge system that is better than SotN; make combat fast paced but more strategic and "beat'em up" like compared to the past
- throw in the most gorgeous 2D art your money can buy
- make one seamless map, bring back teleportation pods
- completely and absolutely exploit the potential of 40 inch monitors and platforming
God I could go on all day. There's so MUCH you can do with a console based, 2D CV game. It's basically almost impossible to fail, and the userbase IS there as long as they don't expect to sell millions (which LoS didn't).