NeoGAF, as any forum-goer might aware of, is the most influential gaming forum in the industry—now I just wish I could sign-up anytime soon.
Some good news, although not any movement from Capcom. The guy responsible for the Project Legends DSI tech demo is going to be joining up with the group of Legends fans that want to make their own Legends 3.
If a serious fan game is going to be made, I don't think trying to make a game with the same scope/detail as Legends 3 is possible, but something like a Legends equivalent to Minecraft (Randomly generated open world with user generated digs) would be neat. Not that I'm expecting anything of this, but it's still nice to think about and hear that fans are working on things.