Well, to be honest I think the problem is the quality, Take Two is right on the money about that. I look at say "Saint's Row The Third" and compare it to say "Saint's Row 2" and they cut a lot of corners compared to the second game, and also seemed to recycle a lot of assets from the previous game. The costume options aren't as detailed, entire mini-games that were missing are now gone, there aren't multiple fighting styles anymore... and well, a lot of things. When I look at things on the 40k front, their last game was a mess where they kind of replaced the goodness of "Dark Crusade" and "Soulstorm" with a mess of using a number of differant factions to do the same set of missions which might not even make sense for the faction in question...
The point is that THQ CAN do good work, and I think their position 5 years ago was the result of that potential, but ever since it seems like they have wanted to jump on the same "hold as much back as possible" bandwagon and their products have suffered and the company is feeling it.
THQ might not recover simply because they are in a position where they need big bucks to invest in new projects to pull themselves out, but their current track record makes it unlikely they will get that kind of funding.
If THQ goes under I'd imagine the 40k liscence will be sold to someone else by Game's Workshop, and Saint's Row will probably wind up being auctioned off or going with a few of the honchos for them to pimp out while they look for a new job/employer.
A lot might be hinging on this 40k RPG, but the big question is when they could get that game out there.... I haven't heard anything about it being near completion in any form, and it doesn't seem like they have a couple of years to work on it given that they need a success right now... the kind of success that rushing it out won't give them.