I just played through LOOM again for the first time in years and it brought back fond memories. I remember the LOOM jokes in Monkey Island that introduced me to the game. No doubt LOOM could have been as big as Monkey Island with the right support. The LOOM cliffhanger ending reminds me of wanting to play a sequel that never arrived.
With the technology of today something special can be done with the LOOM franchise and there are many ways in which the story could go, it has great potential. And if you think about the best Lucas Arts adventure games, LOOM is right up there. You have Sam & Max and now Monkey Island. I am confident that these names are in good hands.
I would like to start a petition for telltale games to make the next LOOM game, reply to this thread if you agree.