The announcement of Earthworm Jim 1 and 2 for the Virtual Console was just a warning shot: Interplay is prepared to overexpose the hell out of Shiny's old character, starting with a new game! For Earthworm Jim 4, Interplay has brought back Doug TenNapel, creator and original character voice of EWJ, as a creative consultant. No details of the game, including which platforms it is planned for, have been released, but Wii seems likely given the aforementioned VC announcement.
Interplay is getting all the mileage out of Jim they can -- they've also announced both a new cartoon series and a feature film based on Jim. For his part, TenNapel is happy to be reunited with the character, and happy with Interplay's treatment: he states in his forum that "Interplay is being really cool ... they're hungry, so they want to see Jim fly again. That's a different strategy than just sitting on a dead license and try to milk more re-hashes that continue to weaken the brand."