Here goes everything I think I know, most of what I have seen, and some research from the internets about Mario Galaxy: Version 1.1 re-re-re-re-re-re-REDUX!
Shigeru Miyamoto has been cited saying it will be released within the first six months of the release of the Wii. Since Wii was released in Mid-November, that would put the games release sometime in Mid-April, which doesn't seem to be the case. However, he was also cited saying he did not want to make any promises. Reggie Fils-Aime said that it would be released between March and December of '07. Which is a 10 month span(9 remaining).
[Abilities & Controls]
The controls appear to close to the controls in Super Mario 64. The continuous jump is in the game(A + A), which brings me to the triple jump,(-> + A + A + A) which is in. Also, I'm happy to hear of the return of the long jump(-> + Z + A). The crouch-jump back flip continues on(Z + A). The ground pound(A + mid-air Z) and the wall-kick (A + on wall A) along with the side jump (<- + -> + A).
In addition to the old moveset, shaking the wiimote or nunchuk will result in the Mario Tornado. This attack appears to replace the punches and kicks from the previous Marios, which in turn probably remove the mid-air dive, and belly slide/continuous belly slide. Unless they find a new button for punch/kick/belly slide. +, -, 1, 2,(Most plausible being +) Perhaps?
The B button brings up the little star that you can move by pointing the wiimote at the screen. Much like the fairy in Twilight Princess, except this cursor has more uses such as picking up objects and activating some objects you use to progress in a level. pressing on an enemy will exhaust them.
A - Jump
B - Shows/clicks with the cursor
D-pad - Adjusts camera
+ - Unknown
- - Unknown
1 - Unknown
2 - Unknown
Analog Stick - Run/Walk
Z - Various actions
C - Adjust camera
Bullet Bill - Parallel to the purple Bullet Bills in sunshine, all bullet bills in this game follow you to help destroy things. Chain Chomps - Off the chains this time, and rolling around. Goombas - You know these guys. Peteysaurus Rex - A Piranha Plant hatches from a giant egg. Pokey - Pokeys pop out of the ground again Thwomps - The Thwomps have returned to their Super Mario 3 style; Giant grey blocks with spikes Wigglers - You can see these crawling around, ground pounding will turn them upside down. They will turn red, probably when jumped on.
note: Some enimies are new, one being the cute blue things hopping around, and therefore can not be named by me. However I can tell you the cute little blue things attach to your head.
Defeating each boss will earn the player a star!
Giant Robot - A giant robot you destroy with the help of Bullet Bills. Giant Spider - A giant spider who you fling yourself toward on his web until he flips, then fling yourself toward one of three red bulbs on his underside. Do this twice. Lookout, he spits acid.
Giant Squid - A giant squid who shoots rocks at you which you deflect back to him with the Mario Tornado.
This story for the game is almost non-existent so far, but Mario is on another adventure... in space!!!!one!!111 Mario's main objective is again to collect stars.
Also, The game has been confirmed to have multi player, of what kind, I have no clue. The possibility of a co-op mode where another character controls the star cursor while the other plays Mario. The return of playable Luigi has also been suggested.
It is also unknown if there will be a main hub in the game where Mario enters levels through portals or a marking on a map like in Mario 64 and sunshine, and Mario 3 and World.
Like in all Marios, you get to collect things. Coins; not sure if a life comes from collecting 50 or 100. Star shards; there seems to be 100 in each level to collect. Hitting bells with your pointer produces 20 notes which collecting in order creates a musical scale. Collecting all the notes will result in a 1up :3.
There are toads and bunnies in this game too! Some or all of the bunnies are actually toads.
Mario Tornadoing orange star shaped rings will launch you too a different land mass. You're flight will be affected by the gravity of different objects along the way, and on each mass your gravity changes, probably according to the size of the land you are on.
Fruit. There's more fruit in this game. Looks like coconuts. You can kick them to other Planets :3.
I'll add all the (good)information I get to the guide. Please, if you have any information, corrections, or anything you think should be in the guide, please post and I'll fix it up. A LOT of this information was gathered at the 'mario galaxy' page in wikipedia which you all should visit; http://en.wikipedia.org/wiki/Mario_Galaxy
anikom15(GameFAQs) - Corrections
Footnote: This is a copy of a guide I originally wrote for GameFaqs, but am now also posting it here, and other places, so it can expand in size and reach more people.