http://www.youtube.com/watch?v=ollXInFEXYo

So far, its only of the intro stage. It however, displays the core mechanics of how the entire game works. Also if you look up Darkflamewolf (Wolfie) on facebook.com, you can find a photo album of what has been completed so far with the game. But to run it down, here is a feature list:

Megaman can walk, jump, shoot, climb, slide, and charge buster.
His upgrades he can acquire include Spike Guard, Recover Chip, Energy Balancer, Energy Saver, Super Recover, Super Armor, Exit Unit.
Rush upgrades include Rush Coil, Rush Marine, Rush Jet.
The name 'Revenge of the Fallen stems from the Robot Masters you'll be facing:
Centaur Man, Magma Man, Magnet Man, Pharaoh Man, Stone Man, Toad Man, Star Man, Spark Man, Tornado Man, Yamato Man and Knight Man. (yes that IS 11 bosses, one is a hidden boss) (Also, don't think because there were easy before, they'll be so again, I've completely changed their behaviors and patterns, they are much harder now!)
There are also Enker, Ballade and Punk who harrass you throughout the RM levels similar in nature to Bit and Byte from MMX3. (Specific midpoint rooms in each level)
Every RM level and a few Wily levels will have multiple branching paths and make full utilization of many of your weapons.
Roughly 20 levels total.

And for the record, this is ambitious however what is finished:
Core Mechanics
All Upgrades
All Rush forms
Password System
Weapon Coding
Enemies (half of them)
And 1 and a 1/2 levels are finished

So basically, the hard part of the game (coding the mechanics) is mostly done. Its now just fun times making the game itself! So what do you all think? Good stuff?

this sounds awesome and looks VERY authentic

The title only reminds me of that horrible Transformers movie, but the game itself looks great

Yeah, but I've had the subtitle: Revenge of the Fallen, long before I found out they were making Transformers. And I'm not going to let some awful movie steal the title away from me. So its staying. Thanks for the comments, gives me incentive to keep going!

yeah the name isnt great honestly, I would rather have seen you make up 8 new robot masters. but either way, I'm tryin to play this

Looks freakin' awesome.  I can't wait to play it.
If you're not gonna have new bosses, at least have new weapons. Like, have Yamato Man give you a melee attack, and Stone Man actually give you something useful.

Also, the score counter is pretty lame right now, up in the title bar (or whatever you want to call that).  It should be on-screen, like in Mega Man 1.

I have new boss ideas, but I'd like to get a basic game engine finished first. Once that is done, a sequel can be made with 'minimal' effort and introducing brand new robot masters.
As for your weapons, some will act in new ways. For example, Yamato Man's spear actually looks like one and it can get stuck in walls and be used as a temporary platform. Stone Man's weapon is now similar to a 'shield' type weapon except you can fire off the individual rocks as projectiles in the rough direction you'd like.
The score counter is only in the title bar temporarily. I did say this was a demo, right? So in the end, it will be on-screen ala MM1, which was the original intent.
Thanks for the comments!

After watching the video, have you fixed the bug yet where MegaMan flashes sometimes even though he hasn't been damaged?

Some examples can be seen at 0:22, 1:24, 2:50, and especially at 3:04.

He's flashing, because he is charging up his Mega Buster! lol

Sorry everyone for the necro post, but I just recently stumbled across these forums again after a long time away. So it seems I should REALLY update you all on what I've been doing, so without further adieu, here are more videos in the order in which they were released about the game:
 
http://www.youtube.com/watch?v=D0TjmmXW9II
 
http://www.youtube.com/watch?v=hRiBoY6QFDc
 
http://www.youtube.com/watch?v=QbfR1CChacM
 
http://www.youtube.com/watch?v=L035omNOJBg
 
http://www.youtube.com/watch?v=DfeTL8wdMgE
 
http://www.youtube.com/watch?v=dYcdDjuDMLY
 
http://www.youtube.com/watch?v=9Y-U0H1H9t4
 
It has 20 levels, 18 of which are finished and 2 which are being worked on right now. 10 upgrades, 21 Tank pieces, 11 Robot Master Weapons, 3 MM Hunters to kill, and a super hard post-game challenge and a bonus boss thrown in there. The estimated release date is something this fall/winter 2013, before the 25th anniversary of MM ends. Its coming...soon!
 

I am making this in Game Maker Pro 8.1. It has been long in production, but we are finally starting to see the light at the end of the tunnel this year!

This was finally released on Nov 27, 2014 and ver 1.3 is out already. Go to rpgmaker.net and download it now.