Interesting. Having been a follower of fan games for a while now, your concept for this looks good, but I'll have to see a working game demo and not a movie before I'm convinced that it will work right. My advice is that you do not advertise this game very much until you have about 80% of the playable version finished. The reason I say this is because I saw a project die because they over-advertised.
http://www.opcoder.com/projects/chrono/
They had so many people talking about the first video demo released, that Square noticed and shut them down. So if you don't want to suffer the same fate, I'd recommend some private demo/movie releases. I would think that the only reason that SEGA has not killed SRB2 yet is either because it's not GCN quality and they aren't threatened by it, or they don't know about it. Since you're game is supposed to look as good as the console games, SEGA might not like it. So keep up the good work and don't let SEGA kill your project.