Valvetime claims to have dug up "Episode 4" screenshots.

[Pardalis]

Those screenshots are so boring I'm 100% willing to believe they're real

[kweh]

[QUOTE=xZippy;49249198]It's easy to want a sequel to an otherwordly good set of games, but it's not always easy having the material and originality for an entirely new game, because you can end up with a "eeeh, the last games were better" thing if you don't do it right.[/QUOTE]

Hence one of the reasons they dont go ahead with it. No hook, like how hl2 had the physics and graphics and so on.

[editline]5th December 2015[/editline]

[QUOTE=latin_geek;49249360]Those screenshots are so boring I'm 100% willing to believe they're real[/QUOTE]

Setpieces, like for example DOG fighting a strider tend to be worse.
Its all about not showing your cards, or showing just enough to speculate.

[OmniConsUme]

The biggest Problem isn't Valve not wanting to make HL3... but like kweh said valve feels they can't make Half Life 3 without a major hook OR major update to the Source Engine... apparently leaked files in an DOTA2 reborn update may have a Open world version of the AI director for Half life 3... but this may just be another scrapped hook.

The reason I'm bringing this up is that this was one of three Half Life games that was given to other developers... The other was being developed by back then non-Shitty MOH EA, the last was unknown. Each was going to hold us over until Half-Life 2: episode 3 (then later became Half Life 3).