The port "has Pixel's blessing" and is in "final testing internally," according to a Nicalis representative. In other news, the EU WiiWare version of Cave Story is still "scheduled to be released." We've asked for a concrete release date.
Can't wait? Why not try the game for any number of various platforms? Some versions will require homebrew support, which Shacknews does not recommend.
For me, Cave Story is still THE most charming indie game out there. As a game dev, I once hope to make a game similar to it even though I know it isn't just throwing together an pixel styled shooter / platformer.