The guys over at VG247 have come up with a bunch of references to the as-yet-unannounced-but-nonetheless-likely third (or fourth, really) instance of the Far Cry series. It seems the game is definitely happening, despite Ubi's lack of noise on the title. Also it's worth noting that the key reference made by a developer working on the game says that the game will be a console shooter, but I would be profoundly surprised if it did not receive a Windows variant, too.
So, readers, let's come up with our perfect Far Cry sequel. Assuming Far Cry 2 was the starting template, what would put in? What would you take out? I'd say: keep the size and scale of the maps from Far Cry 2, but add an inventory, and wandering AI, neutral AI. Actually, just make Stalker in the Dunia engine, in the Jungle, with vehicles. That would be just fine. Hell, that sounds like Boiling Point. But maybe a game like that made by a giant 200-man Ubi studio is what the world has been waiting for.