In my opinion/view, I believe that a future Mortal Kombat film would be best suited and successful if it were perhaps a remake of the first or an alternate telling of the characters and story that began the MK games. Besides the fact that it would far more entertaining, people who have ever been fans or interested in the MK universe would likely be attracted to the original and more popular characters. With a sufficient or reasonable budget along with a director and writer(s) that understand the material and are also properly skilled in the area of storytelling and directing a theatrical release could be done well. Sounds almost like a dream, but if all these items fell into place we could actually be looking at a great film that might additionally lead viewers to forget the last MK installment.
Mortal Kombat 3 -Devastation-
http://imdb.com/title/tt0293429/
The best thing is, Cristopher Lambert is back.
I am so asking for a good fighting movie lately, just, please GOD let it be a good one, pls.
The other two MK movies were like feature length Power Rangers episodes. Hated them. They made a group of legendary characters look so cheap. Sub-Zero/Scorpion/Rain etc costumes were awful, so was Cyrax's. Liu Kang was kinda feminine and both movies were just so hammy it was unbelievable.
If they made a big-budget trilogy spanning MK3 - Deadly Alliance - Deception (skip MK4), with all the over the top gore, proper fight choreography, and a sort of martial arts/horror theme to it, that could work. Won't happen though.