First off, Sonic the Hedgehog 4 may be a name to some people, but to others it's been a long time coming and the fact Sega chose this name shows that they're trying to make amends. They're using the name as a major selling point to the repeatedly dissapointed fan base, the people much like some of us here who think that the past games have been a major mistake (I don't think that personally).
Secondly, S3&K was great, but is it possible that some of our memories of it have been clouded by time and childhood glee? Yes, it had lots of stages. Yes, the music was cool. Yes, there was MOAR LOCK-ON! But... I hate to be honest here, but I had more fun with RA than I did with S3&K. Yes, the original Sonic games were fast, colorful, fun... but it seems like the examples given here are hyperbolic descriptions of what S3&K is. Go play it if you can, and tell me if it's exactly as you remember. If it is, then your arguments stand. Otherwise, I'm right and adolescent adoration has altered your memory of the game. If the latter is true, then nothing could possibly live up to it, because your memory of it is not the true game; it is something greater than S3&K ever was. Your only hope is that they make it match your altered perception of an admittedly great game, albeit one that may not be as you remember it.
Thirdly, Homing attack does have a good purpose in sidescrollers; it can help you get across large gaps with an extra push, it can create a combo of pwnage on a bunch of enemies, it can show you hidden things (if you use it at the right moment). And Spin Dash has been a series staple since 2; if they removed it just to get back to the good old days of Sonic 1, then we'd be even angrier.
Fourth, maybe Sega should take a page from New Super Mario Bros. Yes, NSMB is 3D (like STH4), and it does have modern moves (like the Wall Jump) and it's 2.5D. Actually, I think that's exactly what Sega is doing here. And NSMB is one of the most fun Mario games in a while because of the nostalgia factor. So maybe this is exactly what Sonic needs. A hearkening back to the days of Mega Drive while retaining a few gameplay elements from the days of Dreamcast and beyond.
Lastly, maybe we should stop picking apart every tiny tidbit of new info the moment it comes out and wait until there's a new major update to analyze it. Because right now all we're doing is being hypercritical and overcynical of everything that comes out about this.
Actually, one last point. STOP ACTING LIKE A BUNCH OF IMMATURE TODDLERS WHO LOVE TO ARGUE ABOUT ARGUING AND ACTUALLY LOOK AT WHAT'S GOOD ABOUT THIS! ALL YOU'RE [tornado fang]ing DOING RIGHT NOW IS LOOKING AT EVERYTHING THAT COULD GO WRONG WITH THIS! "WAAAA! THE JUMP SUCKS! WAAAAA! IT'S NAMED SONIC 4, THAT SIGNALS FAILURE! WAAAAA! THIS THIS THIS THIS THIS THIS THIS THISTHIS THIS THIS THIS" STOP BEING A BUNCH OF DOOMSAYING WHINERS AND BE GLAD THAT SEGA IS ACTUALLY TRYING TO RIGHT THEIR [tornado fang]ing WRONGS INSTEAD OF DOING THE SAME MISTAKES OVER AND OVER AGAIN LIKE THEY HAVE FOR THE PAST DECADE! God...
That wasn't directed at PB or Nekomata or any of the more mature users here. Just at the people who are arguing apparently for the sake of arguing, not to actually make some sort of point.