Chun-Li wasn't in Street Fighter 3: The New Generation or Street Fighter 3 : Second Impact. She only came in the 3rd Installment

But yeah, I guess she should be there too. She is very popular. Much better then most of the other female characters in the series.

I still think everyone else should be brand new characters. There is just no point in having the same characters at all. If you have fresh faces it would bring more players into the series.

And I CAN see Capcom making a new Street Fighter game. Look at how popular Street Fighter 2: Hyper Fighting has been on XBox Live. They will surely consider it and the Street Fighter games are still played widely at tournaments across the world (specifically, Marvel vs Capcom 2, Street Figher 3: Third Strike and Capcom vs SNK 2). There is still a demand for it.

The only thing against it would be that the main dude behind the Street Fighter games has long since left Capcom and founded his own studio, Game Republic, the development team behind the awesome Genji on PS2.