There will be a new PT album. Wilson is far too self-aware and conscience of his work to let TI be the last album. Regardless of anyone else's opinion, Wilson views that album as sub-par (see: his theory on "every other album" being good, with TI being on the bad side) and there's no way he's going to let PT go out with a 'bad' album. I think this is a wonderful thing, not only because I really dislike TI, but also because it's almost a sure thing they will get back together and create some really epic shit circa psychedelic days.
That said, I wouldn't expect any news from PT at all till at least 2014. I just can't see Wilson going 'cold turkey' on his solo career after such amazing success along with the fact that he's still riding that high. Hell, we might get another solo album before PT. But I know we will get another one, no doubt about it. Granted, this is all out of my ass, but my ass foretells the future, you know.