I have hope... I've never thought the project was totally dropped by LA.. so even is this is a rumor.. I still have hope. Sequels don't always get released year after year. Look at Starcraft2 and Diablo3... their dates are still listed as TBA.. and it's been that way for years. Albeit, at least they've actually announced the sequel.
I would think that anybody involved with the project would have to sign a confidentiality agreement.. and that means if this rumor is true... this guy would be in breech of contract me thinks.
I'll believe it when I see it on a shelf at Best Buy.
I get the feeling Battlefront III is going the way of "Stargate:Alliance" or "Duke Nukem Forever".