I've done a fairly quick preliminary scan through the forums but didn't see anything in regards to the Freespace franchise. So if there is I apologize for not spending more time in finding it.

I've played both Descent: Freespace The Great War and Freespace 2. Both of which were excellent. I wanted to know if perhaps there will be a third installment now that there is better technology available to make it even more stunning; especially since the storyline just leaves off with a temporary solution to the Shivan problem. They won't stay blocked in at the Deneb system forever.

well... as Freespace was made by Volition and they are with THQ and Not gamesas, I'm thinking no. Unless, gamesas holds publishing rights or some such like they do Descent.

Yes gamesas on the rights to Freespace. Volition however own the rights to the engine it was made on. gamesas have stated that they arent really looking at another freespace game yet, but it may happen in the future. "This is the GTVA Colossus. Fighters, stand clear of hostile warships. All batteries, fire at will!"