No, the third Penny Arcade game will not be released on Super Nintendo. Despite its resemblance to 16-bit games of the early '90s, Penny Arcade Adventures: On the Rain-Slick Precipice of Darkness: Episode 3 is coming to PC, Mac, Xbox Live, iOS and Android. Not SNES.
The upcoming role-playing game will be playable at PAX and out this (northern) summer, gaming blog Joystiq reports. It's helmed by Zeboyd Games, an indie RPG developer best known for humorous games Cthulhu Saves the World and Breath of Death VII.
Zeboyd says Episode 3 will take inspiration from Final Fantasy V and Grandia, which is more than enough name-dropping to put it on my radar.