I would think that Sega would probably be looking to snap up anything that was connected to Bandai in the aftermath of its buyout in '97. The worth of Bandai's gaming divisions is going to pale in comparison to what it can offer on the multimedia front (divisions dedicated to producing anime, toys, etc.). It's going to be quite the coup for Sega and it makes sense that they'd want to have the complete package. Granted, that's going to be a lot of cash that they're shelling out but I could see Sega of Japan pushing for it really hard; they wanted to merge IOTL, at any rate. The loss of Tamagotchi to Hasbro is something that they might regret in hindsight, but I can't see them letting Sunrise or Banpresto slip through their fingers. As Nivek pointed out: getting the rights to Gundam alone will probably make the expense worth it to them.
That said, I'm not quite sure what properties Sega might look to adapt to the silver screen or make into toys. Perhaps they could do a Shining Force anime or even a Panzer Dragoon one; I could even see them trying to turn Phantasy Star into a science fantasy epic, too. I don't think something like Sonic is conducive to model building but they could always create a franchise themselves that could somehow revolve around this concept. Pokemon's coming soon and if Sega wants to ride that same collectible wave, they're going to need to come up with something.
Also: in the wake of Nintendo finally relenting on putting some of its properties on mobile platforms today, a deal between Nintendo and Nokia to create some sort of Game Boy/phone hybrid suddenly doesn't seem so crazy. Just saying.
Great update, though, guys. Loved the coverage of
Ocarina of Dreams. It sounds like a pretty epic game, but it does leave me wondering what that leaves for the UNES Zelda game. You've adapted two of OoT's big elements - going between the past and future and the ocarina itself - so I'm not quite sure what the plot of the next game is going to be like. The focus on more continuity within the series itself, with Marin's presence in OoD, is interesting. Makes me wonder if the timeline of the franchise is going to be as hotly debated as IOTL. One of my big questions is if Eiji Aonuma is still going to take over the reins to the franchise eventually or if Miyamoto will stay with it for a bit longer.
I think Saturnday is going to go quite well for Sega; they're sitting pretty cushy right now and I don't think Nintendo and Sony can do much until they come out with the UNES. A two year head start on the competition, if Sega plays its cards right, is going to be quite a boon. Do you guys need any help at the moment coming up with Saturn games?