I’m sure there will be a perfectly good explanation if it’s the case…maybe since Emma and Pinocchio were both children that is the only way it would work for two people, and they had to send a child to watch over Emma. There are many reasons why it might have worked that way- it doesn’t have to be a selfish one. We don’t know what happened yet. I like the idea of August being Pinocchio. It connects him to Storybrooke. It gives him a reason to care about it’s people and about getting Emma to believe.
I don’t know…I could be wrong, but none of the other ideas make any sense to me….the only other potentially right one is that he is Bae, but too much time has passed for that unless he was some how stuck in time not aging at some point long before the curse and then traveled to our world….which I suppose could have been caused by the Blue Fairy- not totally implausible, but unlikely. And he was no where near the events of the pilot episode from what we can tell. I also don’t see much of a connection between Bae and August as characters, although we’ve only had a brief look at Bae.