I know M3 has been cancelled a few years ago, but there's always a chance it could be revived. After all, many movies and games get resuscitated after months (or years). As an example, the Sex and the City movie was supposed to be released 4 years ago and was scrapped then. Everybody thought it was over and done with, but now it's released.
I hope the same goes for Maximo 3. The competition will be stiff, with games like GoW and DMC, but let us pray that Capcom brings Maximo from the dead.
Ya, it would've been nice to have the 3rd game made to finish the story... though it'll probably be a lot better when brought back later since technology improves. My favorite part of the series was the art style. Just think how much cooler it'll be on PS3 or PS4. --- -Whatever challenges you, makes you stronger.
I have heard that origionally, there was going to be a Maximo 3, to make a Triogly, and this one would finish the 'Search for Sophia', which was kinda ignored in this game. However, due to low sales of Maximo 2, they decided against the 3rd game.