There has been plenty of speculation over whether Jedi Knight III is real and coming this Fall or not. Perhaps more important is the suggestion that the game will focus much more on the lightsaber battle aspect of the previous title. Is it real? Who knows! You can have a look at the shots of the game here and get more info at Jediknightii.net.
I don't see any reason why they wouldn't make a third title and release it this Fall. The turn around would be about as quick as the jump from Soldier Fortune to the second in the series.UPDATE: I have confirmed the story with Raven Software's Kenn Hoekstra who says, "It's no joke. They (GameStar) visited Raven last week to get the story."