T2 and T:V were both awesome. T:V got a bad rap because IG spent too much time on the SP mode and the MP mode was only half-finished. Then VUG pulled the plug. IMHO IG never should have even created an SP mode, they should have spent all of their resources on MP, then T:V would have been excellent.
That said... a Tribes style game for UE3 would be great. The issue is that you would have to be quite far from a Tribes clone since VUG is a really touchy company.
Personally, I played T2 and T:V a lot, and I preferred a lot of its gameplay over UT (did I just say what I think I said??

)
If a similar game were done, it would have to be done right.
Bookmarks