I remember reading an interview with Jon Oliva in which he said that he'd love to do a Savatage anniversary album (and tour?), but that everybody, especially Paul O'Neill, is too busy keeping the Trans Siberian Orchestra running. If I remember correctly, Jon also said that he won't do a Savatage album without Paul O'Neill, and therefore he's forced to wait until Paul has the time and will to work on Savatage.
The way I see it, this will not happen in a long time. Why should Paul O'Neill (and the others involved) waste their time, effort and money on a non profitable project, while they can make a shitload of money with TSO...
Although I, as a Savatage fan, am sad about Savatage fading into obscurity, I can fully understand that they are more eager to keep the cash cow alive (who wouldn't?) after so many years of fruitless struggeling.
I am glad and looking forward to have new albums coming from Jon Oliva's Pain, CircleIICircle, Chris Caffery and the TSO. That's much better than nothing at all.