I'd point out that the entire space combat genre popularized by games like WC and X-Wing has pretty much fallen off the map, it's not just WC. I think it was one of those things like "Wow! We can do this 3D stuff now and make these cool space combat games!" so a hundred of them were released, did everything they could with the genre and then petered out. There's only so much "Shoot things down, fly to way point, bomb something, fly to way point, shoot something, fly to way point..." a person can do.
I read an article once that said one of the big barriers these days to more complex flight sims is the fact that no one buys joysticks any more other than people who play Microsoft FS. The PC game business is largely drowning as it is. If you can't play a game with a M&K or just a straight up game pad it's a non-starter. One of the reasons people liked playing games like WC is all of the hot keys that control every aspect of the craft, and quite frankly they play like shit using a M&K.
Having said all that I think a new Wing Commander game would be awesome using cutting edge technology, CG movies, etc. I wouldn't even care if it was on consoles with a streamlined control system, it's been too long sice I've played a good space or air combat game that wasn't a RTS game or a point and shoot twitch-fest.