According to Nintendo, it will be released on the VC in late 2013. Earthbound was already released on the VC in Japan, and it is slated to be released in Europe for the first time as well. This is so exciting!
I wonder if this will bring down the ridiculously high prices for the SNES copies.
I doubt it. Games like Chrono Trigger and Final Fantasy III (or VI in Japan) both had several re-releases on the newer consoles, including the Wii Virtual Console, and the original SNES versions of both these games are still ridiculously expensive. No matter how much a game gets re-released, it doesn't change the fact that the original cartridges are rare and worth a lot of money.