The new third Madballs series is planned for release in September 2009. However, the source (Official Madball web site/blog) has not updated since late last year. However, at Toy Fair 2009 (Feb. 15th) the new toys were there and pictures of this can be found here.
Sadly no word on the line of toys and being that late 2008. There was a merger between Basic Fun Inc, and Good Stuff, one could conclude that this was one of the losses of the merger.
The old Madballs are going to be:
The new Madballs are planned to be: