"I actually do kind of want to make a first-person shooter, but I don't have time. Rather than necessarily the question of 'What kind of weapon do I have?' in a first person shooter or 'What kind of effect does that have on an enemy?', I think that the structure of a first-person shooter is something that's very interesting. Having that 3D space that in theory you are in and being able to look around and explore that—particularly being able to do that in conjunction with another person—is very interesting." - Shigeru Miyamoto

Miyamoto went on to discuss how two GamePads could have a unique impact on how you play an FPS title.

"I don't think we're ever going to be at a point where we'll say it will support four GamePads, but two gamepads is something people wanted. Well, if you're playing a first-person shooter and you have the game up on the television screen and you have your subscreen below [in the GamePad controller],within that game world you're able to turn in all directions around you. Obviously that would be very fun. If you have two people doing that in the same room, that could create a very fun and unique gameplay experience."
Thanks to Robertaitor for the heads up!