I dont think it would have become a Aliens Part 2 if Cameron would have made it. What he did so great with aliens was that he added new elements to the story, Queen, military etc. Im sure he would have done the same thing with Alien 3 if he had made it. Yet Alien3 did new things ... and people bitch about it. It's nothing like alien outside the fact it's one Alien and unarmed humans - Is that all people think when they think about the two movies? Does nothing else factor in, or does everyone get so caught up on the fact there aren't as many Aliens or guns?
Ill be honest, i would love to see more guns and more aliens!
But i also mean that the possibilities were for other new stuff.. endless. Alien 3 just feels a little uncreative on the sci fi side, in a science fiction its also fun to theorise about future technology. For example like the powerloader in Aliens and cryo sleep in alien, and of course all the military technology.
Alien 3 has none of that, just people running around corridors. Its just a monstermovie, but not the sci fi. Which makes the 2 first films better and more fun and it was something to talk about and not just about the aliens.
The same thing with the story, they could have tried to explain where the aliens come from and the space jockey. I know they talked about it on the quad dvds.
I hope they do it someday, would have been nicer if it was in the past, before Ripley killed herself.