THQ has effectively ended the Red Faction series, citing poor performance and reviews for the recent Red Faction: Armageddon. President and CEO Brian Farrell has stated that the company will not be continuing with the series. At least, not in any significant way. This means that fans can effectively count out any new releases.
The company is also displeased with the performance of other recent releases such as UFC Personal Trainer and MX vs ATV: Alive. Metacritic scores for recent games were mentioned by Farrell, saying that getting ratings in the average range was not acceptable for the company as a whole.
They're hoping that the upcoming quarter will be a much better one, putting their hopes on the upcoming Saints Row: The Third and a few other upcoming releases. Hopefully THQ will be able to pull out of it's funk and release some quality games; they've given us some pretty cool titles and it would be sad to see them go out on a sour note.