I have come up with an idea on how to create something which is the closest thing to a real FS3 that there could ever be, but also satisfying us more seasoned members who are reluctant to see such a thing created for fear of it seriously harming canon, or that an unknown might bastardize it.
Firstly, this would have to be understood as being totally non-cannon... at best, fannon. Secondly, it would preclude the idea of it being on any new game engine. It would therefore be made for FSO.
Volition, THQ, and Interplay. All three of these companies hold various portions of the rights to the game, but none are willing or able to do anything with them. However, even if they did, it is likely that the direction would be so alien from the existing type of story, as to be a complete disappointment to all. This leaves only one conclusion... the game must be made by the only people that the FS community as a whole trusts with the story... the original game designers themselves. We already have had contact with at least two of the original developers, story and now music. If we could coax enough of the original creators, intermixed with HLP campaign alumni, with close partnership with the FSO team, I could see a polished product being released to the community as the "the next best thing to FS3 you'll ever see". Not saying that campaigns such as BP, Inferno

, and many others aren't awesome and well created campaigns, but this would have the prestige of being the FS3 that the Volition design team wanted to make. It would of course have to be a non-profit project, just as all the rest of the non-cannon campaigns over the years have been, and that's assuming that the original designers I have mentioned, aren't under some kind of legal restraints preventing them from participating in any FS-related project not authorized by Volition, THQ, Interplay, or whoever owns the story rights, in any way shape or form.
Now, I understand that something like what I have proposed is exceedingly unlikely, and equivalent of a daydream, but it would probably also be the most likely way it could be created, and the most likely it could be accepted by the community as a whole.
I doubt this could actually be done, but I felt like sharing this concept with the community.