Yes, I'm right there with you. The name sounded somewhat familiar, but I really wasn't sure what Wonder Project was until I read Siliconera's post on it. This started out as a Super Famicom point-and-click story about a robo-boy named Pino, created by Dr. Geppetto. That part definitely sounds familiar. The Japan-only release was followed by a Nintendo 64 one, Wonder Project J2: Koruro no Mori no Josette, which stars the good Doctor's second robotic creation, a girl named Josette.
This unlikely port to the iPhone makes a bit more sense when you realize there was a mobile port before. Enix released the original Super Famicom title, and now Square Enix will release Wonder Project J2 in two chapters, priced at 630 yen ($7) a piece. Inside Games says that there will be redrawn art and character animation. They say nothing about a western release, and I wouldn't get my hopes up either. Of course, other than language, there's nothing stopping you from downloading the Japanese version when it comes out.
Wonder Project J2 Heading To iPhone [Siliconera]