I doubt there will be any more FFVII games. Even if SE only did FF they would have too much on their hands. There's a new compilation in town now: the FFXIII compilation (and I also think that sequels will be commonplace for every main FF game now) Look how long Versus XIII has been in development.
To call for hands from above to lean on, wouldn't be good enough for me.
Maybe the "brains" behind the Compilation realize the obscure Genesis/Deepground plot they made to try and extend the story further is absolutely hopeless and give it up. Then give us a cool arcade style side-scroller FFVII beat-em-up before letting the sub-franchise rest in peace.
"Happiness is nature's way of telling human resources you're overpaid." - Catbert http://i261.photobucket.com/albums/ii63/Cromifost/PSN.png
They said they had plans for 20 years, or something to that effect, but it wasn't the type of comment that means much in the real world. Many creators have grand long-term plans, it doesn't mean they'll get to do anything with them if they're simply not in the right place to develop the next game, and as the others have said S-E have a lot to work on at the moment. Every entry in the compilation had an alternative reason for going ahead, so the compilation will probably only continue if they have new considerations for development and there's no other franchise they can squeeze the new title into.
"People demand freedom of speech to make up for the freedom of thought which they avoid" ~ Soren Aabye Kierkegaard