Jan 19, 2010
According to a report in the latest Game Informer, there won’t be any kind of Half-Life 2: Episode 3 this year. It also states that Valve is unclear whether there will even be an episode three, or if it’ll just go straight into Half-Life 3.
During an interview with Computer and Video Games, Valve’s Chet Falisek (of Old Man Murray fame, for those who remember that) said “Until we have something we have to announce we tend not to talk about what we’re working on.”
Valve has yet to comment further on the matter.

I'm pretty certain that when the new Half-Life is announced it will be a numbered entry in the series and not an "Episode".
That being said - Valve has been on record stating that the Episodes were supposed to BE Half-Life 3, so I don't know where that puts the numbering at this point. Will it be Half-Life 4? Or will they just eschew numbers altogether and start subtitling the series?
Who knows.
All I know is that HL2:e2 ended on a cliffhanger, and I am not particularly content to let it rest on a cliffhanger.
The question is will the next Half Life game be on the Source engine?
All I know is that the next HL2 will feature an assortment of hats for gordon to wear.
Time for a new rumors story on the main page!
unnamed sources say: half life sequel to be called "hats-life" will feature so many hats, special hat for pre-ordering
And a 6 month long "Design Your Own Hat" contest.
Pre-order Left 4 Dead 5 (due out Q3 2010) and receive a free hat in Hats-Life.
It isn't unlike Valve to pull off some sort of surprise. So, I am eagerly waiting for any announcement on Ep. 3, even if it is to say that they are producing a proper third game on a new engine. Now, that would be awesome.
Alls I want is Episode 3. But Half Life 3 is a fine substitute.
All I know is I want to play Hats-Life now.
valve software: company of hats
gabe newell in company of hats
coming to your hbo television this spring seasons
Fats Game Developers in Party Hats?
Hats-Life: Party Animals!