EXVSFB is a great game, imo it's the best licensed Gundam game available. But it's completely different from Virtual-On mechanics-wise.
SEGA hinted at something for the 20th anniversary of OMG next year, but knowing SEGA it's probably nothing at all. Still pretty bitter about how the most notable things with Virtual-On they've done recently are the PSO2 costumes/lobby.
I remember mechadamashii had posted a 4gamer interview with Juro Watari from a year or two ago where he had no comment on a new game or rumors that G.rev was working on the next game. I'm sure those were just rumors, but I think if anyone could do a new Virtual-On, it would G.rev