Here's the thing. It's smart for them to not hype anything about Episode 3. Remember how badly Nintendo shot itself in the foot with hype for E3 last year? Well same principle applies.
Granted I'm a bit annoyed this whole episode format didn't pan out properly but oh well. At least it's coming eventually, unlike the last episodic FPS. I mean yes, we can fault them for not sticking to the ideas behind using episodic releases (i.e. fast release time), but at the same time my mind generates its own hype and interest by wondering what's taking so long and what Episode 3 will ultimately be. One doesn't necessarily need anything tangible, though a trailer or something would be nice to show it's still alive
Good reference... still amazed at how horribly Nintendo's conference turned out then... *shudders*
Anyways, I'm confident that Valve will still make a quality product, but at the same time, when the product is marketed as being a shorter, more periodic installment for the franchise, I've come to expect that the games will be released in a more timely manner... yes, it is Valve we're talking about, but they really shouldn't have even called them episodes if they weren't going to release them semi-regularly at the least. >_< So, I agree, seeing even a simple trailer would be enough for the time being.
Also, are you referencing "SiN Episodes" when you say "the last episodic FPS"? I'm still upset those have been put on indefinite hold to make casual games... v_v