I wouldn't say making a third MK Movie is a big risk, but I will say that it's like... trying to make a basket with a few seconds left in the game. If you plan your shot well and make good use of those few seconds, you'll get the basket and be the hero of the game. If you say "f*ck it" and act sloppy, you'll miss, be hated, and a colossal failure in the eyes of many.

Regardless of how famous or recognized the games are right now (or will be in the next year or so), I think the idea of a new MK movie has a lot of potential. If the right things are improved, I have no doubt in my mind that it could be a huge hit, despite how well past movies did. Now, when you talk about what SHOULD be improved...

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Storyline / Script

This is the biggest aspect of the new movie that should be improved, IMO. When you look around the threads here in MKO (especially Overall MK Discussion) what do you see? I'll tell you what you see! You see a bunch of MK fans talking about their favorite characters, making post after post and thread after thread about the Mortal Kombat storyline and where it should go from here. The fact that fans look up to the storyline so much should be all the proof necessary that this is an MK movie's ticket into popularity. Yes, fighting should be good, actors should be good, directing, special effects, all of that: but storyline, and the way you tell it, is #1 in my list.

If They Start Over:
Should they follow the MK Storyline? Yes, but loosely! The reason I'm against the MK movies following the exact storyline of the games is because we currently have A LOT of MK games, and I don't think anyone wants to make 7 mortal kombat movies. They should sort of "blend" the storylines of the games together into two or three movies that would tell the story from MK 1 to Armageddon (Yes, the crappy Armageddon storyline just needs to be tweaked a bit to be good).

For example: tell the story of MK1 AND MK2 in one movie! Trust me, if the writer is good enough, it can be pulled off without f*cking up the whole thing! It's all in how soon and how well you introduce the characters, and how skillfully you integrate their stories into one another to make one big, eventful, successful film. Then the next MK movie could tell the story of MK:3 and MK:4. Again, you might be going at me right now, but it CAN be pulled off! There's no harm is adding a few things that weren't in the games in order to make it run smoothly. Out of the top of my head: you could have Shao Khan's invasion of the Earthrealm (MK 3 story), and add something new to integrate Shinnok and the MK:4 characters into it. Maybe Khan forms an uneasy allegiance with Shinnok - Shinnok going for the destruction of the gods, keeping them at bay with his thirst for vengeance while Khan is free to invade Earthrealm with no consequences? Then it all boils down to Shinnok and Khan vying for the same power, and the "heroes" of the story having to struggle against both, etc. etc. etc. I'm not about to pitch a whole movie. I'm just trying to show how it is possible to make the storyline of two games into one, which = less movies telling the story of all games. (A third movie telling the story of Deadly Alliance and Deception would be the best).

If They Don't Start Over:
Make it a trilogy. Follow the storyline of Deadly Alliance for the first movie, Deception for the second, and Armageddon (again, tweaked around) for the third and final installment. Deadly Alliance and Deception both have compelling storylines going for them, and Armageddon has potential to have a good storyline (although it's too late for the f*cking game).

Of course, it would be in the writer/director's best interest to add/modify some small things here and there in order to ensure that the viewers are satisfied with the movie, because let's face it: what makes a good game storyline doesn't necessarily translate into a good movie storyline. Again, out of the top of my head: don't have Sonya, Jax, Johnny, Kung Lao, Kitana and that whole little group get killed in the end of the first movie. IMO, that would be a HORRIBLE end to a movie, having the main characters you practically fell in love with from the beginning die in the end. Just have Onaga resurrect his dead self and take them over, period. No one gets pissed off at the ending, and everyone gets excited to see what'll happen on the next one.

In terms of Armageddon's storyline; I would definitely forgive the writers for not staying true to the game. No "big fight where everyone's alive", and no "everyone becomes greedy and wants super powers" crap. You can still have a "the end" type of prophecy surrounding Taven and his parents, just make sure "the end" is worthy. Let whomever is dead STAY dead (with the exception of Shinnok and the like), and let the final battles be story-driven and in memorable locations.

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Characters

Second thing that I think needs to be improved the most: characters. Yes, Liu Kang, Sonya, and Johnny have a nice premise and great "main characters" storylines (as do most protagonists of the games), but they're not all that MK has to offer. The movies should still focus on whomever the protagonist(s) is(are), but be sure to tell the viewers a bit more about the other characters. The Scorpion/Sub-Zero rivalry is a good example of something that was not explored in the past movies. A simple, short scene could've been enough to portray their hatred for each other, but it was just simply not done.

The fact of the matter is that every MK character has a deep enough storyline going for them that it should be included in the movies. I'm not saying the writers should go out of their way trying to show Mileena's inner struggle (we don't want a cluttered, confusing movie), but just make it a part of the movie in some way; a way that will make the viewers not only wonder what's gonna happen to the protagonists, but also the more minor characters and the "henchmen" of MK.

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I think that's all. The fighting so far has been pretty good (except Sonya Vs. Kano, what the f*ck was wrong with them giving the girl a 1-minute battle?), and the three main things that an MK movie needs are storyline, character complexity, and fighting.

If enough effort is put into those things, we could very well usher in MK as the most hyped blockbusters right now, competition to even the most highly-anticipated titles.