I have to think that given their previous tease about what a "tremendous" Krell they would be unveiling, the figure has to be pretty far along in the pre-production process. So yeah, I would expect to see him at some point, they're probably just trying to figure out how exactly to release him. I would guess it doesn't really work as a single carded figure given the sheer mass, and who knows if they are even making battlepacks anymore. I would say the best bet would be some sort of retail/con exclusive or possibly a deluxe Class I set.
I totally agree he should be part of the line before it folds, and I think the necessary "heat" is still there. The two that really make me feel as though my collection is incomplete are Duchess Satine and Sugi. I think they both still have an outside shot at being made, as they continue to appear sporadically, but I'm certainly not holding my breath.