Two different studios are handling Sonic Colors. Sonic Team is developing the Wii version and Dimps, the creators of Sonic Rush and Sonic the Hedgehog 4: Episode 1, are making the Nintendo DS game.
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While Sonic Colors is a werehog-less follow up to Sonic Unleashed on Wii, the Nintendo DS game looks more like classic Sonic. Looks like good old 2D Sonic with 3D boss fights.