It wasn't really a joke; that's just how all projects work... a big modern game can take five to seven years.
But you touch on something very important: if I as an EA executive greenlight Wing Commander 7 today, I'm not just comitting $40-$100 million of shareholder money to the idea... I'm also betting hard that anyone is going to care about a new Wing Commander game not today but in 2020 when it would be done. Maybe Star Citizen is the way of the future and I'd be making a very smart bet to take advantage of that... or maybe it'll be long forgotten. But I *can* know (and can explain to my shareholders) that Star Wars is an evergreen property... putting the resources into it today means I'll be selling games years out.
The great irony is that I'd be the first person in line to see a new Wing Commander game even if it weren't from Chris. I may have been the only person genuinely excited at the news that Piranha had picked up the license. (Though of course the sheer mess that became is another argument why not to do it, I suppose...)
My personal hope is to bring back the Wing Commander universe more... for us. Novels, roleplaying sourcebooks, etc. Sort of like Star Trek did between the series, with offshoot universes like the FASA stuff or Starfleet battles... (or Star Wars did with the EU, back when we were a little more honest about that
)