At this point, the chances of a Black & White 3 being made are indeed horrifyingly slim. However, I do still have some hope for the series. Allow me to explain:
The death of Lionhead may just be the catalyst to get some of their games on Steam. If the Black & White series manages to get remastered on Steam (which I think is a very distinct possibility if we push hard enough), new and old fans alike will be brought to the series. Having this sort of situation would greatly increase the odds that a developer would see the Black & White series and try to make the third game or make a reboot.
Honestly I think a reboot would be most likely if anything. It's been too long since Black & White 2 (11 years now) and so newcomers would need to be properly introduce. Any of these possibilities I welcome wholeheartedly!!!
Yeah, but as long as EA owns it I can see any future installment of B&W being a partially finished game laden with both micro payments and expansions. Oh, and an internet connection.
Want more than two creatures? $2.99 for each one. Want skirmish? Here's an expansion that allows it. Want these buildings that could have easily come with the released game? Get your wallet ready- they're $1.99-$9.99 for each one! Not to mention they could charge for maps, different village races, miracles.
It may seem a bit bitter and harsh, but look at how a lot of games are going nowadays- Sims 4, Sim City, Dragon Age, Star Wars Battlefront, Need for Speed- and these are just EA games. Microsoft did the same thing when Fable III came out for Xbox, and Ubisoft isn't innocent either.
Anyway, I'm going to get off my soapbox. I'm just really disillusioned with the way games are being released now.