It might be years till GW3 will be developed or not happening at all.
Announcing "GW3 under development" was more like a throwaway out of panic by acting chairman Park Byung-moo at an NCSoft shareholder meeting where he was under fire by rabid shareholders over the poor performance of NCSoft Korea and their recent game Throne & Liberty. Just to appease those rabid shareholders he blurted out some claims about GW3 being under development. ArenaNet, the game studio behind the Guild Wars franchise, distances themselves from this claim, actually stating that no GW3 is in development or planned to start development anytime soon.
I honestly can't imagine them developing a completely new game soon based on a new engine. Especially since they changed their release cycle recently. Old expansions were released every 2 to 3 years but with Secrets of the Obscure they changed that cycle drastically and will release content updates from then on every 3 to 4 months following an expansion release.
OP does know that the things the engine of this game does now it originally couldn't right? XVI helped out XIV in terms of what could be done with the engine, I don't think the team has reached the limits this old engine can do just yet.
And no a new MMO would not be the solution since people have a "home" here.
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