While games like Mirror's Edge have proven that first-person platforming is legit, it's arguable whether or not Mario would work in the same style. Nevertheless, Freddie Wong recently uploaded a video that imagines what an HD first-person Super Mario Bros. 3 might play like.
I don't know if I'd ever want to play it, but I sure enjoyed watching it.
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Joseph Luster is the Games and Web editor at Otaku USA Magazine. His blog can be found at subhumanzoids. Follow him on Twitter at @Moldilox.