I would think we will see Galactica again at some point, and when we do it will be on the big screen. The Moore/Icke reboot has already flown, and the original was too far back to pick up again with a sequel even when Larson was pushing for the idea.
From what you've said, I hope this does get put off long enough long enough for screenwriter Jack Paglen to find other work if he still can. But I think Singer's lack of commitment has been the reason for the delay up until now. Prior to that, I don't think Larson's efforts were ever organized (or realistic) enough to have Universal committed on his side.