In that monumentally stupid Nintendo Power RPG announcement thread we read the following:
Well, I'm not saying it'd be "rushed" either... but it was only a 2.5 year gap between KH1 and KH2 and it's been 2 years already now since KH2... I mean, has the KH team really been working on just Versus for the last 2 years (and will be for the next 2 years)? Hell, a potential KH3 might've been concieved as a PS2 game even (really it might be multi and on PS2 still... who says it's Wii exclusive?).
KH team hasn't been working on just Versus for the last 2 years. There was KH2 Final Mix for starters, and then much of the KH team contributed to Crisis Core. Dissidia is also being developed by a KH team branch. All in all I doubt serious work on KH3 will start until Versus is completed, and I'd be surprised to see it released before 2012.
But I guess since GAF banned me they'll keep laboring in darkness forever!