A video interview put up at guardian.co.uk with Goichi Suda confirms the existence of a No More Heroes 3 game....but! No platform announced yet for it. My predictions is that it'll go to one of the next gen consoles or something. Hopefully the series stays on Wii, or even better, go multiplatform so everyone can experience the game.
The video in question:
http://www.guardian.co.uk/technology/gamesblog/video/2010/apr/01/goichi-suda-no-more-heroes-2-grasshopper