It's fair to say that a 3D Pokemon game for home consoles has been at the top of fans' lists ever since the original released. This isn't quite the game you've dreamt of; but it's the entire universe of Pokemon Gold/Silver, ready to be explored in all three dimensions.
Developed by a fan by the name of "nilllzz," this game, as you can safely assume, has absolutely nothing to do with original creators GameFreak. This is merely a passion project, which has re-invigorated the demands for a home console-based version of Pokemon. It's a strange feeling to be playing the same universe you played from a top-down perspective in the first person. Kind of jarring; but makes for a really interesting experiment.
You can download it and try it for yourself at indieDB.com.