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I'd be willing to bet that Source2 is on it's way.
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For now new tech is still being developed for the original Source engine, however the Source engine was always made to be very modular so instead of creating a Source 2 engine, I suspect that the original engine is simply going to get a major upgrade as soon as it's done.
Also there are rumors floating around that Ep3 is canceled and that Half Life 3 will be taking it's place. If that's true then it will prolly use the improved Source engine (hell, it better use a new engine).