I don't know what film he's up to, but everyone seems to have abandoned the idea of more Jazz Jackrabbit ...
But there is hope for a fanmade version! I don't know about the version you mentioned, but if anyone here knows how to make fangames, has some programming knowledge and has the game "Duke Nukem 3D" you could very well make a 2D sprite based 3D Jazz game! I just discovered a little program called "EDuke" and a thing called "Total Conversions".

Go to Total Conversions . I just discovered this, so I don't know a whole lot about it, but I think basically you can give Duke Nukem 3D such a drastic overhaul that it resembles a completely new game! So if Epic won't make a Jazz 3, I guess one of us can! Now I have no idea how user friendly this is, but anyone who is used to programming and is artistic too will have no problem working on this. Anyone want to do it? The actual program can be found HERE, so why not check it out?

What I want to do is test the idea out, after I learn more, and make Jazz playable in Duke 3D. I would take the animations from the bonus stages of Jazz 1 and edit the sprites and add more so that Jazz can be seen from all angles. I'm not sure if Duke 3D is online playable, but it supports network games I know. The only problem is because of flippin Windows XP I can't play old games anymore until I install the REAL DOS and do a dualboot. But I have no idea how.

Still the idea is very cool. An official version would be best, but atleast we can make our own version of Jazz 3 in the meantime.