*resists urge to be a cranky oldbie*
Depends on what you mean. Do I think the game itself is improving? Yes, but not fast enough to compete in the general MMO market. Do I think the part that keep players, the RP community, is improving. No. There are still too few people.
It actually doesn't matter what ran people away in the past. What's keeping PS from growing now is RP lethargy and an uphill battle. Until you get enough player willing to reclaim, till, and tend the RP soil, it will never be fertile again. That will take a lot of work and commitment. One person can't do it all. Until RP is healthy and growing, the game will just be a bunch of features developed without sufficient players to use them.
So, yeah, development will continue but what difference does it make if the game isn't being enjoyed?
I dunno what to say beyond that. While I have fond memories of this game, even I wouldn't try to martyr myself for it twice.