First podcast I've gotten a chance to listen to in a while. Good stuff.
Agreed totally on the kiddy label for SMG2. I hesitate to ever willingly agree with Morgan Manjaw, but like you said it's simply calling a spade a spade. Nintendo games like SMG2, Paper Mario, Wind Waker, etc. are good games, but it doesn't mean that their specific graphic styles weren't geared towards a particular audience, in this case, small children.
Surprised there's still a good load of story, especially since Miyamoto said he fought hard to make sure there wouldn't be much.