speaking as a newbie.... I didn't know there was that much history around this until I looked...largely thanks to this thread!
I tracked down this game because I noticed it still featured in several magazine 'top titles' for space combat sims....and it was sooooo old. I figured it should be cheap to buy ( er...OK..got that one wrong

) and must have something good going for it ( I think I was right there

) but no more than that.
I don't think a sequel is likely, with the original designers long gone, and have no expectations of ever seeing one. If it DID come out, chances are it would flop. Too many people have too many ideas on what it should be. That would scare off any sane developers right away....and thankfully, at least, one
Insane one

Anyway...as far as a FS3 engine goes, the graphics engine has been pretty well sprcued up by the SCP programmers, and this 'Ferrium' project looks like it might go somewhere! Maybe if that looks like a viable venture it might attract some interest from the 'money men' ..... It happened with 'Rowans Battle of Britain'