I saw this article on Game Informer
while checking out their review on XCOM EU.
Back when Free Radical still existed, the developer had a HD download version of TimeSplitters 2 in the works. The project was never released.
"We had a 'HD' downloadable version of TimeSplitters 2 in development at Free Radical in 2008," explained Steve Ellis, a former founder of the studio in an interview with Notenoughshaders. "I donít know what happened to that but yes, Iíd love to see it released at some point.
"Maybe it could be the catalyst that is required in order to raise enough interest in TimeSplitters 4 that a publisher might want to fund it."
Personally I find that very dissapointing - TS2 was the breakthrough game for my gaming group for getting our spouses to play a shooter. As well, IMO its a perfect game to get the HD treatment and be featured on XBL or PSN. I sunk countless hours in mplaying it 4-player split-screen and to me it still stands as the best shooter to be played that way. Its bad enought that TS4 is cancelled, but this would be a much smaller effort and I can't see it not turning some profit.