A third Alvin and the Chipmunks film is coming. December 16, 2011. It's inevitable, so let's accentuate the positive.
First of all, the second film provided the greatest sequel subtitle of all time in The Squeakuel. (I can't wait to see what they come up with for number three.) Despite this, Squeakuel director Betty Thomas passed on the director's chair for the sequel. Production is scheduled to start ten weeks from now, so 20th Century Fox is on the hunt for a new director. 24 Frames reports they may have found their man in Mike Mitchell. His most recent work is the second-best-film-in-the-series Shrek Forever After, and he contributed to a pair of solid DreamWorks Animated projects in Monsters Vs. Aliens and Kung Fu Panda. Search hard enough, and you'll find Greg the Bunny on his resume. There are many, many worse choices than Mitchell. (Positive!)
Interestingly, the film was conceived for 3D, but Fox is now leaning toward a 2D production and release --- the ultimate decision could be left up to the eventual director. If Mitchell is hired, chooses 2D, and slaps a Squeakuel-worth title on the poster, I may actually have to see this thing.