Capcom talked about Mega Man Universe at San Diego Comic-Con 2010. What we could get from the brief talk, is that Mega Man Universe is about the player experiencing Mega Man through what they perceive Mega Man to be.
The trailer, which is supposed to give the feeling of what the game will be about, had Mega Man, 8-bit Mega Man, Arther from Ghosts and Goblins, Ryu from Street Fighter, and even a Mega Man stylized after the American Box-art.
So I was thinking, it would be about playing Mega Man levels, but with different characters, as if Capcom got sucked into the Mega Man Universe. Other things of note, was an off-hand comment about characters from franchises outside of Capcom, and even User-generated characters. Overall a very vague concept, since we still don't know details, such as online, downloadable content, etc etc etc.
Also during the panel, since he was so vague he hinted that more Mega Man games would be coming out this following year (so up until Summer 2011 is what I think he meant), and he said that it was a Mega Man game that MANY people have been requesting. The #1 requested Mega Man game is Mega Man Legends 3, and when he asked the crowd, what they thought the game would be, the crowd shouted back, MML3, and he smiled and said, "Thank you."
This is a very exciting time for Mega Man!