I'm honestly all for the idea. I've mentioned it in several posts, but the tend to wither down to nothing. My proposition is this.
Instead of creating a brand new game in two years, ever year release a "Mortal Kombat Expansion Pack". Make it available as DLC or a hard copy for those who still want the disk.
The expansion pack or disk would have extra story chapters, characters that went with those chapters, new fatalities and costumes for old and new characters.
Release something like this every year for $20 - $30. It would give the MK fans something to have every year--a new update. Meanwhile, WB would still be getting a comparable amount of money per expansion. Instead of $60 every 2.5 years, the $20 - $30 every year.
It would be great for MK fans who buy MK9, because then you don't have to pay $60+ for a new game that has only some changes. Besides that, we know they aren't going to completely throw out the game engine and start new every time, so why should we pay for the same game with updated features?
It would also be good because somebody couldn't just jump into the middle of the story 3 expansions down the road without playing through all previous stories.
Maybe it's just me, but I see this solution as a win win from all sides.