I'm not Jim, obviously. But the sense I get is that there's just not a lot of new ground left to cover that would resonate with Fates fans. I mean, where else do they go? And if Jim doesn't financially need to tour (no idea, I'm assuming here), and the rest of the guys in the band do, then why keep it going? They can easily get festival dates if they wanted them and be a part-time band, not much different than everything else Jim does these days.
I'm very grateful I got into Fates when I did. I wish it was earlier, but in some ways, it was the absolute perfect time that led to some experiences I probably wouldn't have had otherwise. And if this is indeed the end, I have some killer memories of traveling around the last couple tour legs to support them.
If I had my way, as I suggested whenever I could, I'd love to see Ray and John sing together on an album as a united Fates Warning. It's the one thing, fan-wise, that I think, at least for me, needs to be realized. Even if it is a Fates EP of three songs (one Ray, one John, and one combined), to me, that would be the ultimate capper. May never happen, but I still hope for it, regardless of the band's current status. It would seem the "right" thing to do, to me. But obviously there are a lot of things that factor into that.