These misguided people finally have an answer: Fall 2006.
FilmJerk.com says Sony is prepping "I'll Always Know What You Did Last Summer," the third film in the franchise (let's hope it's only a trilogy). The plot isn't particularly novel: a group of becoming young adults accidentally kills someone, then covers it up, then catches holy hell one year later when a creepy supernatural force (likely armed with a fishing hook) begins to taunt/kill them.
Nonetheless, "I'll Always Know What You Did Last Summer and You'll Know I'll Always Know" does have a twist -- series stars Jennifer Love Hewitt and Freddie Prinze Jr. will not be involved. But fear not, for director Damon Santostefano is a grizzled veteran of unwanted sequels. Santostefano successfully guided 2004's "Bring It On" follow-up "Bring It On Again" to a straight-to-DVD release without the help of Kirsten Dunst, Gabrielle Union or Eliza Dushku. How you like that, Spielberg! -- Mac Slocum