Yup, you heard right: Legends 3 will be the last in the series. Time to go all out and make this game awesome. Let's just hope this won't be Inafune's final hurrah with Capcom, either. (Click for story)
Edit: On second thought, maybe not. Read it carefully: "If you guys do not help us build that rocket we are never going to go to that planet to save Mega Man. That will be the last chapter in the Mega Man Legends series."
"THAT", I believe, refers to Mega Man being stuck on Elysium -- if we don't help, that (i.e MML2's ending) would be the last event in the series. At least, that's what I'm getting at.
Hop on over to Capcom Unity for more Legends 3 goodness!