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Looking at the Pokémon that they have in Generation IV, I'm not sure if they'll find that much more original Pokémon to create. Frankly, if there's that much Pokémon that evolve from previous generation Pokémon, they can't have much more original ideas after those (But they are the only unoriginal ones, in my mind. The new families are just fine), and that's a sign that if there's a new generation coming out, it won't be coming out anytime soon.
If Arceus IS the ultimate Pokemon, isn't it possible for them to move him to the end of the Pokedex each generation (E.G. He is #612 instead of #493 in Generation 5)?