It would seem that it's very difficult to get those whole Gremlins thing right, as video games based on the two films from decades ago never quite hit the mark. Sunsoft came the closest to meeting the franchise's potential on the Nintendo Entertainment System and Game Boy, while various other attempts have ended with lackluster results. For instance, back at E3 this year I saw a Gremlins game from an unnoted developer that involved making mogwai dance to modern popular music. That is not the way to do Gremlins justice. On the other hand, neither is a squad-based shooter, yet that's exactly what Neko Entertainment attempted to do with its cancelled Sony PlayStation 2 title based on the license. Siliconera has the story and a few screenshots.
The genre is a bit surprising, their Gremlins title was a squad style third person shooter. Players could switch between Gizmo and various green monster Gremlins with the should buttons. Why do the Gremlins have guns instead of paper-clip bow and matchstick arrows? Who knows.
Still, I suppose it could have been worse. Somewhere out there are proposals for a Gremlins go-kart title, a first-person shooter based on Gizmo's Rambo persona from Gremlins 2: The New Batch, a business simulator centered around Daniel Clamp, and Mrs. Deagle's Chair Launch. I honestly believe that it's possible for some talented studio to create the perfect Gremlins game, and at this point I think that the only team up to the task are the folks over at Telltale Games. The Gremlins films are based more around reaction than taking an offensive stance (at least, up until the final act), so setting the whole thing up as an adventure game makes more sense than shooters or dance titles.