Blomkamp's dumping of Alien 3 for an Aliens fan fiction isn't a very good idea, Alien 3 (especially the work print on the Blu-ray) holds up rather well, yes it made some poor choices in killing off Hicks and Newt when they had been so invested in through Aliens, but it's a solid film made by a now incredibly respected film-maker who has mostly gone from strength to strength. It ended a trilogy rather well, it can't compare to Alien and Aliens but still stands on its own merit as a worthy entry in a well respected series.
I can't see what else would come of Blomkamp's film other than two hours of 'Hey, remember THIS?', just another nostalgia heavy cash grab with not much substance. District 9 was a very well made film and really engaging, Elysium started off well enough and quickly devolved into good looking nonsense, Chappie just wasn't very good and didn't connect. I can't see this project being in the best of hands, we don't need Ripley or Hicks back, or Newt, it's a huge universe with limitless possibilities for talented writers to put something together in. Which brings me to Covenant......
It wasn't very good. It didn't follow through on Prometheus, the last act was a mess. It started well but it had no characters of any substance, it felt like it was rushed through to meet a deadline and not given any space to breathe, to let its ideas be put to better use. I can't imagine ever watching it again, which is a shame as it's something I mention above, it's a bunch of new characters that as far as Prometheus promised - was taking us away into unexplored parts of the universe, with things we hadn't seen before - but it isn't being handled correctly, I really don't believe Ridley Scott is the right man for the job with these films, we aren't getting fully baked ideas on screen, the main discussion points for these films are the bits that aren't actually in the films, which is quite telling.
So we have on one hand, a short series of more original stories/characters that aren't fully delivering on their promise. On the other we have some concept art of an alternate universe film that looks like fan fiction and being made by a director whose output hasn't improved as he's made more films, anybody who is good at anything learns and gets better as they go along, Blomkamp seems to be going the opposite, why should he be handling an Alien film? If he really thinks he can, give him a shot at an original Alien film, whole new setting, new characters, new story, see what happens - I don't think Ridley can deliver one.
Surely we have more ways forward with this series than this.....