The Wing Commander Universe has seen 9 games (10 counting SO) with 5 add-on packs in total (SO1+2, SM1+2, RF), 5 original books based on the games aswell as HotT and tPoF, a movie with its own novel and follow up, not to mention one season of an animated series. Ideas have been drawn from it for years and every new Space Combat game gets compared to it. How many game epics can you think of that can claim all that? And it has a lot of fan made projects in the works (yes UE is still going sorry about the lack of update on the site)
The truth it is too profitable and has too many long term fans for it to be scrapped permanently, so what if EA are overlooking it. In the short term it is hugely expensive to produce a wing commander game (long term the sales make up for this) and EA can't afford it right now as they have made losses on the console market. We will see another WC.
Personally I want to see the next episodes in the Prophecy trilogy (perhaps without casey), include a nice campaign creater and mulitplayer and I think it will be safe to say the series has gone at that point as far as it needs to.
Come on EA get Origin working on those last two games!