Tribes 2

#1 I don't knowif they own tribes 2 again or not, but to answer your question about a sequel:

Click Here
Play Here

#2 Legions was fun for a week or so, but I wouldn't call it a sequel of the Tribes (or StarSiege) franchise, even though it emulates it at times ;)

A few years ago there was a game being developed called Legends, but I think it eventually stalled out. Now that was closer to Tribes2 than T:V (or Legions) was! There is also one in production called Ascension, but it seems that it's development has been kind of "slow" overall.

A video of StarSiege Tribes being played in a web-browser was showcased by Instant Action at GDC. I still mod and play that game -- even after 10 years!

#3 IA owns Tribes along with the rest of StarSiege games.

#4 Ascension is undergoing beta testing and game balancing, but it's taken such a long time I dunno if they're going to be able to build up enough "hype" to get a significant number of players playing.

And... with a game like Tribes, you really need a decent sided community in order to make it fun... otherwise you might as well call it "Tribe" :P

#5 Instant Action's Fallen Legion's game only has an upper hand in the graphics dept. Other than that, Tribes 2 wins all the way.

#6 I'm really surprised that a Tribe-like game (that advances the game instead of just rehashing) hasn't really seen light.
(and really the lack of FPS coming from Torque in general)

Lore isn't bad (cept for not being able to rebind keys)
and is just DeathMatch.