They only killed it because it was dual-platter (heavier, more expensive, more power-hungry, bigger). I know that no 1.8" 160 GB single-platter Hard Drives have been announced yet, but many Hard Drives have actually made their debut in an iPod so that's why there is still a chance.
On bringing it back, they've brought back a couple of things. Colours have been removed then reintroduced (iPod nano), matte screens etc.