I want another Elite... especially if it follows the Frontier/FFE gameplay model. (especially newtonian physics) But damn do I have a sore spot for David Braben.
I'm actually unable to find a whole lot of current info on the dispute between Ian Bell and David Braben. But links to an archived faq and one interview stating their positions gives at least some idea of the story.
http://www.iancgbell.clara.net/elite/archive/b9101100.htm David's side.
http://www.iancgbell.clara.net/elite/archive/b5081501.htm Ian's side.
Now, it's impossible to say which is more accurate, but the way Braben handled the entire thing was just lousy and Bell does seem to be a bit more forthcoming with details, if nothing else.
Frontier Developments has also not produced a single game similar to Elite in any way in over a decade.
On their list I see, Frontier: First Encounters, of course. A few bland shooters, and then a string of either add-ons or sequels to other series as well as a few low quality adventure games. Kinectimals being their latest endeavour that actually reached the light of day.
Now, the original Elite was created by two people in a college dorm. Frontier Developments now has, according to wikipedia, somewhere around 200 employees. It's likely that someone in there has the knowledge and desire to make a true sequel to Elite. I can even guess that a lot of people specifically sought out that company to work for in the hopes they'd be able to do just that. I just don't know if they'll be able to actually do the job with Braben in the way.