Heh, I'm sure they can think of a better name than that. Speaking of Rayquaza, I just caught one on my copy of Sapphire... minor offtopic comment, but I had to mention it! Only took me two Ultra Balls :-)
Anyway, back on topic, they've done the same thing with Blue/Red and Gold/Silver, so I'm not surprised at hearing about Emerald being a third game set around Hoenn in the same style as Yellow and Crystal. At least, I assume that's the case. I wonder if they'll do a 3rd one to go with Fire Red and Leaf Green... what would they call it? Water Blue? Pikachu Yellow? (I really hope they don't go with Pikachu Yellow, he gets too much airtime as it is :-p)
Just my coupla coins...