I can't help but think this may finally be a good addition to the original novel, and if true, could be considered canon. I suspect Paramount just want's a cut of the action. I would be suprised if the novel won't see the light of day.
If it's good, I have no problem accepting it as "canon." Because don't forget, it
is based on one of Puzo's own outlines/screenplays.
I'm cautiosly optimistic.