That auction of items from the Colt museum that went off about a month ago had a prototype of a slight redesign of the Model 1908 that Colt did in the '50s. It featured a shorter barrel, alloy frame, recontoured grip and thumb safety, added a slide release lever and moved the mag release from the butt to the frame. I put a bid in on it, but in the end, the price went much higher than I was willing to pay. It sold for about $3500 IIRC.
In the end, Colt decided not to go ahead with production. That's a pity too, since it would have been a great gun. But as for a reissue of either the original, or of this redesign, I doubt we'll ever see it. For one thing, the gun is like the 1911 in that it was designed in an age when labor was cheaper. The manufacture of this pistol would require more machining than most modern designs, and the gun would therefore cost more. Now add to that the fact that it's a single action and this would limit its appeal. There's nothing wrong with a good single action, especially with well designed safeties, but a lot of people just prefer DAO these days, especially in a pocket pistol. Finally, today you have Kel Tec and Ruger .380s that are much smaller than this gun, and Kahrs in 9mm and .40 which are the same size. So if the did reissue the gun, what you would have is a large (by today's standards), rather expensive .380, with a trigger action that would limit its appeal to a smaller segment of the market, competing with more powerful guns in the same size category. I don't think Colt or any other company would find this sort of thing economically viable.
