I've got a lot of nostalgia for the Breath of Fire series, with 3 being the standout title. There's something quite innocent and charming about the series that sets it apart from it more dramatic counterparts (Final Fantasy, Sukoiden, Wild Arms, etc) and it seems more child friendly and more suitable for younger players. With that in mind I'd say that for myself, leave it alone. It's obviously not targeted at my age group and I can live with the memories of it. I wouldn't be opposed to the series continuing for the younger generation but quite how that could be achieved is a bit of a mysetery. The game seems to be a product of its times and asking for it to continue would mean making something new. That could go either way and make something decent or otherwise, but the fact would remain that whatever was created would not be a BoF title, just a product inspired by it even if it does carry the name.
ED: you know another series that I loved, Vandal Hearts. A year or so ago, someone released a new one on XBL. It sucked, hard. I wouldn't want to see that happen with BoF as well.