It's a little nitpicky, but saying that "Demigod has the smallest community of any multiplayer game I have ever played" shows that you haven't played many multiplayer games.

Maybe it's an age thing (and I am really not that old), but I have played PLENTY of MP games that have a smaller community than Demigod in the past.  MUDs in particular come to mind, many of which have less than 100 players.  Gemstone IV (a game that has been around for 20+ years and has a monthly fee) has around 200 - 300 at peak times.  Granted, it's text based, but to try to imply that Demigod has the smallest community of any MP game ever is just ridiculous - there are plenty of games out there with much smaller communities, be they retail games, fan games, etc. 

Unless your first MP game was World of Warcraft or Halo, I'm just not seeing how you can think that - MOST games have a declining fan base a few months after release, and considering all the issues that have arisen with DG, I think that is to be expected.

To actually be on topic:  No, there is no news on the new Demigods.  I'm not trying to flame you at all (in fact I am trying to make a polite suggestion) but you really shouldn't bother asking the community of ANY game for an ETA on when things will be done.  At best, you will get a big honking "Nobody knows."  At worst, you will get rumors and speculation combined with a healthy dose of flaming / trolling.