What I'd love to see is Shenmue 1 show up in the next round of Dreamcast Collection titles, then Shenmue 2 release as a Games on Demand title THEN have MS fund a Shenmue 3. Not that I'm hating on Sony, but there are more than enough SEGA exclusives on the PS3, and I really do think exclusivity will help Shenmue 3 as it means a console manufacturer could help fund the game. MS has money, and Shenmue has already been an XBOX title, so it seems like a good fit. Add in some optional Kinect activities (darts, that QTE punching game) and baby, you've got a game going.
Seriously, the game is an assured hit. I cannot imagine the game NOT selling well in today's world. So many people have Shenmue fever, and need a cure.
And hey! Why not release Shenmue Town to the iPhone and Windows Phone 7? Have the Windows Phone version be able to link up with the console games and unlock new goodies? Like earning toy capsules on the phone = toy capsules in Shenmue 1, or there could be exclusive move scrolls that can be found on the phone and used in Shenmue 3?
I'm an iOS man myself, though even I have to admit this would be very awesome: