This is scary news. Here's my plan. Hear me out: If you want to be faithful to the series, you've got to swallow your pride and go motion controls route. I'm serious. The key to Contra is run-n-gun, with enemies and threats coming and evolving from all directions. If you have a Metroid Prime 3 control scheme in 3rd person (ala Pikmin 3), you have the precision control for running, aiming, and shooting seamlessly on the ground or in the air that two sticks can't give you. There's no need for a cover system in a 3D game if you can move and shoot fluidly in all directions.
Unfortunately, the best we can hope for is probably a Vanquish-type game. That's not bad, but that's still NOT Contra.
I hate to see these classic franchises totally reinvented or buried one after another. Mega Man is MIA, Castlevania is trying to get through a Frankenstein's monster phase, Ghosts N Goblins was last seen stuck on iPhone with some solid games I would have loved for PSP or DS, and Bionic Commando, after an innovative yet faithful 2009 Full-3D reboot that 90% worked--MUCH better than LoS--was sent to a premature grave. I'm probably missing some franchises, but it's just depressing. The last thing I wanted to hear was that Contra fans don't matter, and that Contra would be better suited for CoD fans. Come on! The industry is really getting me down here!