I do think they should re-release the game, with all DLC and patches included.
I think the controls may have turned off a decent amount of gamers (why else did the game have no legs whatsoever, after such a huge opening - people just weren't captivated by the game like CoD), and I think the fact that all current copies of the game sold STILL have the original controls, thus anybody without an internet connection are forced to play with those controls, could be hindering sales even further.
I think re-releasing the game will help get the game in the eye of the public yet again (just a little advertising at GS will do the trick), and any new owners will be playing (and showing to their friends, etc.) the latest and best version of the game.
Since this would be happening around the launch of the slim and a price cut, the game could catch on with new ps3 buyers.