At first it was going to be a regular version with a twist at the end, where Momotarou falls in love with an ogre princess who is being abused by her husband. After extensive discussion, the students decided they wanted to make it a more "modern" retelling. Various scenarios were proposed, including one in which the dog and monkey are muggers who steal Momotarou's money but then become his followers after he saves them from a shark.
They finally decided upon a story that's Momotarou × Star Wars × Superman × Harry Potter. Momotarou was born on Ogre Planet. He was about to be killed by an evil ogre, but as a last resort, his mother puts him in a lifepod (shaped like a peach) and sends him to earth, where he is found and raised by an elderly couple. (He may or may not have a peach-shaped scar on his forehead remaining from the ogre's attempt to kill him.) One day, the dog and monkey appear to tell him that he must come to Ogre Planet to defeat the evil ogre. He doesn't believe them, but the evil ogre comes to earth and kills the elderly couple who adopted him. Thus Momotarou agrees to go to Ogre Planet, where he meets the lovely ogre princess (abused daughter of the evil ogre) and falls in love with her. In a dramatic turn of events, he finds that the evil ogre is his father, and thus the ogre princess is his sister. The title chosen for this production is (at present) "Peach Boy Wars."
Afraid that the topic might be too complicated for the other students to follow in English, they also brainstormed various ways to "subtitle" it (by running a Japanese translation on a projector) or "dub" it (by getting another student to read a prepared script after each line).
On a different note, I was watching Waratte Koraete (aka the Darts show) this evening, where they interviewed a bunch of Swedish students of Japanese. They set up a debate (in Japanese), where one team discussed things as "Japan" and the other team as "Sweden." The Japanese side commented that it's easy to get electronic goods in Japan. This prompted the following exchange...
Sweden: But Akihabara has lots of otaku. Plus--though I've never been to one--it has things called Maid Bars. Don't you think that's creepy?
Japan: ...Otaku are people too.
Update: On the Bush news front, he was taken to see Kinkakuji (the Golden Pavilion), while his wife was in a tea ceremony and tried her hand at Japanese calligraphy. For safety reasons, they did not announce the course he would take ahead of time. This means that they had to block off traffic with no warning...in Kyoto, during the busiest time of the year. Hundreds of commuters were left stranded as buses and other traffic were stopped, making them all late for work/school/whatever. Many of them didn't even know why they were delayed.