so, is this still being released?
It's going on 7 years later, so at this point I'm wondering the same thing. The time that was filled by Mega Man is now filled with Sonic, so he is still probably finding it hard to make time for this film. Eddie probably isn't happy with it, and as he has time to tweak it, he finds more that he doesn't like. That's just because he's improved along the way.
If he released it now people might look at it and think he made something sub-par to his other films, and I'm sure he doesn't want that. I personally would love to see it and I'm sure others would as well, so I hope that it gets released eventually.
Also, Sonic is looking pretty awesome.
Eddie managed to get Jaleel White (the original voice of sonic) to do the voice work for his movie. You guys should keep an eye on the project.