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Hey guys, Diablo III is still in development, and they say that the third part of the game could have been released as early as 2006, but the game wasn't that interesting, and Blizzard fired half of the developers. They had to start all over again and do it quickly. There's even someone who said that in 2005, they were recording music for Diablo 3. By the way, Blizzard kept information about three games they were developing secret, as they announced in 2007. One project was called Hydra, but they didn't explain what that project was about, so everyone thinks it's Diablo 3.
Here's a link to a video about the third part, which is supposed to be released in America this summer, and it will dispel all your doubts: http://ru.youtube.com/watch?v=sAXCiUEv0ks
And some people have already said that they were lucky enough to play the demo of the third part for a lot of money in English. I don't know if it's true or not, but the video says something.