I agree that Fusion was a bit disappointing, hopefully they did much better later (one may say "less worse") but if another studio develops a sequel there is a small chance the first title will be disappointing for the same reasons.
I yet have to comment the "there's not much more you can do with the franchise" part. History showed us resurrections which proved very successful, one recent that comes to my mind being Street Fighter IV - though it was a partial resurrection since Capcom (the former developer of Street Fighter) co-developed Street Fighter IV.
If you'd like a polished version of the WipEout 2048 Vita game as is, I don't see any reason why they would update the game. I mean, as gamers we would love to, but publishers have no interest in doing so.
Other options would be porting the game to another platform (most probably PS3) and hope the port would add features, or getting another title (WipEout 2049 ?) with some updates.





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