Most of the worlds FS2 community is probably here already. The main selling point of a sequel is to continue the story of its predecessors. The very reason sequels exist is to continue the story. If HLP did do FS3, what would be the point, seeing as how we already KNOW what the story will be? Another thing; we'd spend most of our time arguing over the story, mainly because there are probably half a dozen different views on how FS3 is supposed to be like. Furthermore, if we did do our own FS3, no one would accept it as canon; because canon is defined in this case as the things clearly stated by [V]. And there is a reason Interplay is holding on to FS's rights. It is worth a lot to the right ppl, plus Interplay knows very well that the FS2 community is small but growing. By holding the rights to FS2, they're probably hoping to do something using FS's name to save their company; although at this point, Interplay has few people at its disposal.
Another point; the license agreement states that the we can use FS2 to create our own mods and stuff, but clearly, it states not for profit. Which means we can't form a company and comercialise BtRL, WC, and all our stand alone WIPs hosted on HLP. It's a legal infringement, and while it may not bring [V] down on us, you can bet that Interplay will be down on us faster then a hungry wolf on a fat chicken.
Buying the rights from a now desperate company will not be easy; the reason no company is making a move now is that Interplay is up against the wall, with nothing left but their supposed Fallout MMO and the FS name. If Interplay is declared bankrupt, hopefully, THQ will be the first to move in and pick up the name. [V] can't sue Interplay because in letting Interplay publish FS, they're giving Interplay majority rights to FS. If they sued, and if they won, they might not get full rights.
Finally. Actually developing a game is not something that comes easily. We'd need a publisher; we'd need a svn of some sort. We'd need to have regular meetings, decide on what to cut, what not to cut. We'd also need money; which we wouldn't be able to get from our FS2 based games. We'd need investors. The problem is that many of the HLPers have RLs to live, and no investor is going to back a rookie company since they'd need to buy the rights off a dying company, and then financing the development of a sequel to a game which sold badly. Granted, Interplay's bad publicity was a major factor in that, but the fact remains that few investors will back a rookie company, even if we have sterling records in modding and polishing up FS.