Well, it's not as if we haven't seen gaming miracles happen before. I mean, who thought that Tatsunoko Vs. Capcom would ever see a release in the english-speaking world?
But yeah, pretty much every option on the table ranges from a snowball's to a snowflake's chances in Hell.
Archetype, Capcom isn't selling Mega Man. They could have no interest in making any Mega Man game, ever, for another two decades, and they would still retain the brand as a matter of pride, of retro re-releases, and of merchandising. Mega Man is still a gaming icon, he's just a gaming icon whose owner no longer believes him relevant to the mass market. But they know that they can still milk him, and as long as they can, they won't let him go.
And yes, Archer, we're still "going on about it". We all await the day that Capcom gives us some more significant news worthy of discussion in the LEGENDS FORUM. Until that happens, we're left with their complete dickery of July 2011. That's all we've got. It's likely all we will have for the next several years. You don't like it, steer clear of this section.
As for MMRA's idea, the sad reality is that Capcom has exceedingly little confidence in Mega Man and even less in the Legends series. An HD game, even a remake of existing games, requires a hefty budget that I don't see Capcom willing to provide. It's a shame, though, because a decade-old presentation needs a modern rework very badly. But I just don't see Capcom putting that effort forward. I mean, God, we all saw the gameplay videos of that iPhone X1 port, right? Do we really want to chance Legends getting THAT level of treatment?
If I were to choose a plan of attack, I would go for a straight-emulated collection for a brick-and-mortar, multi-console release. Legends 1, Legends 2, Misadventures, DASH2 Episode 1, and maybe some oddball Classic spinoff as bonus content (like Rockboard, Mega Man Soccer, or as unlikely as this may be, Super Adventure Rockman). Legal issues may keep Capcom of America from putting PS1-era games up for digital distribution, but I don't believe for one second that Capcom couldn't reuse them for retail (otherwise MM8 and X4-X6 would not have reappeared in their respective Collections in the U.S.).
The problem of this approach is that it is unlikely to expand the series audience due to how dated the games are. It's not just visuals, either; the entire Legends series comes from the very infancy of 3D gaming, back before the inherent rules of 3D control schemes and camera systems had been established. Heck, the first Legends game predates Sony even establishing an analogue input for their controllers. But in lieu of the full development that Capcom can't be assed to do anymore, it's the best shot we've got, and it's a cheap enough project that even the "vocal minority" that pays outrageous prices on Amazon and eBay should still be able to generate a decent return. Besides, how much of a minority are we, anyway? We don't know; nobody bothered to try and sell anything to us in the last 11 years. And, being a compilation, there is the off chance that CoA could proceed with it on their own as they did with MMAC (since L3's cancellation CoJ has been far more draconian than CoA).
The only alternatives as I see it are to either convince Capcom to release the prologue game currently gathering dust in their archives, or for another company with money and passion to pester the ever loving heck out of Capcom for a collaboration on the Legends series (CyberConnect2?).
But, as said, pretty much every option on the table is unlikely. We're screwed, and we know it. But there's always a chance, however small, so we'll always keep pushing.