From what I've read, MS had no plans to make another MechWarrior game. They basically just shelved it, even though all the MW games have sold over 11 million copies worldwide. Guess it just wasn't enough for em.
It'll be interesting to see what Smith & Tinker come up with. Not sure if it'll be MechWarrior V, a MechWarrior MMO, or what. According to Smith & Tinker's website, they're all about connecting unconnected entertainment products, like books, toys, games, movies. What we get might be something really offbeat. Like you get a big box with your video game and a big toy mech, or something like that.