One of the many things that sucked about NoA'a presentation at E3 '08 was the complete and utter lack of Captain Rainbow footage. In case you missed Chad's previous coverage of the game, here's a quick recap. Captain Rainbow is a television super hero who's alter ego is a nerdy looking guy who loves flowered print shirts. He wanders an island populated by washed up Nintendo game characters like a man voiced Birdo and the guy from NES Golf (who may or may not be Mario) and tries to help them not hate life. Imagine a Smash Bros. "lifestyle" RPG that teeters on "Maximum Risky", and you're half way to understanding Captain Rainbow (which is farther than most people will ever get).
Newly revealed to appear in the game are Little Mac, who has since gone the way of Violet Beauregard, and Takamaru, the protagonist of a totally obscure Famicom Disk System game.
Hit the jump of a second video of the game, this time depicting Fat Mac chatting it up about the Birdo thing.