Even if they do re-release Shenmue I and II for download, I doubt it'll drum up new interest in the franchise. Whip out your Dreamcast and try to play it. It's aged horrendously since it came out nearly a decade ago. It was incredibly innovative at the time and was one of the first games to give you a sense of a living breathing virtual world, but games like GTA and Assassin's Creed take that concept so far that Shenmue seems archaic at best.
I love Shenmue; it's in my top 5 all time. But there's no way #3 sees the light of day.
My Top 5:
Shadow of the Colossus, Metal Gear Solid 3, Shenmue, Skies of Arcadia, Chrono Trigger
My 2 nex-gen systems: PS3 
and Wii 
Prediction Aug '08: We see the PSP2 released fall '09. Graphically, it's basically the same as the current system. UMD drive ditched and replaced by 4-8gb on board flash memory. Other upgrades: 2nd analog nub, touchscreen, blutooth, motion sensor. Design: Flip-style or slider. Size: Think Iphone. Cost: $199. Will be profitable on day 1.
