It will probably come back.
There is interest in it from the GMs. I know I'd like to get back in it with my characters, Luna's already mentioned here that she still wants to do it, and Howling's mentioned to me, as well as here, if I'm not mistaken, his interest in getting it going.
From my own perspective, I don't know when it will be. I myself have my hands a bit tied up with Isle of the Damned, as well as a strong desire and interest to get another group revived.
There are issues with it, from my own eyes. It is and was such a massive setting, with a large cast that was spread out in a wide area. It's a bit hard to get everyone together and a central story line other than the breakout of Arkham. I had one idea, of a military take over to put the city under martial law, with the IC death of the mayor, but it was decided that it was too soon IC. Story lines, events, etc., are what really needed to be discussed and thought over since that was the major roadblock, in my opinion.
It's something we need discuss, and I wouldn't be opposed to opening up a discussion thread in, say, the World Building Thread for everyone to have a say and opinion.