I'm skeptical about the possibility of this occurring. What more is there really after a Pokemon has been created for god? (It created the world and is the Original One; no excuses.) Not to mention that they created a second Pokemon with manipulation of time (Celebi). Remakes I'm 80% sure will happen. An new generation with new moves and items but the same Pokemon, also a possibility. An entirely new generation with new Pokemon... Not so sure it will happen.
Have to disagree. Firstly, the whole 'Arceus is the god of Pokemon' is somewhat debatable for some, and others would casually point to Mew who had been thought to be the 'Origin' of Pokemon until the 4th gen.
And then - why would this stop them make new Pokemon? Surely it doesn't affect the possibility of new regions, where different Pokemon would live in, and there's nothing stopping them from continuing just because they have a 'god Pokemon' (not even officially revealed yet, mind). And then there's the magic reason of all - $$$.
For that's the main thing that decides whether a game should be made or a series continue - if it will still make money. Judging by sales... Pokemon is definately going to continue. Stop because you happened to make hints that a Pokemon (that's event-only) is akin to God for the Pokemon world, and NOT continue to make money from the cash cow that is Pokemon? 'Heck no' is what they at Nintendo would say, IMHO.
The point that they 'made a second pokemon with manipulation of time' is kinda void for me as well, given that every generation there are repeat Pokemon. The 'normal-flying-type-bird-pokemon-early-on', the 'normal-typed-rodent-early-on', etc... there are clear patterns all over the place between each generation. So reusing Pokemon on similar stuff is a bit void. =/ (And after all, there's a heck of a lot of inaminate objects/animals they can still use for inspiration as well). It's also been said that designs for about a thousand Pokemon have been done (including the current ones), so I wouldn't worry about that either. (If you choose to believe random people involved in the development, than gen 5 has already been 'confirmed', but I wouldn't read much into it).