Luckily, th' webmaster of th' NYGB Comicguide is here!
Okay, here's the deal: 88MPH was a rookie company with a rookie EIC, Sebastien Clavet, at the helm. That said, he made some minor mistakes that came up and bit him in the ass. As a result, he had to cut back on his other projects (Transformers and Tron) and the Ghostbusters mini ended up becoming extremely delayed on an issue by issue basis mostly due to monetary issues.
So when #4 finally came out, the Hardcover was announced with bonus features last Feb to become a collector's item as a way to generate more cash and give fans an extra treat before the series begins. However, due to low orders (which plagued the mini as well, mostly due to the delays) the HC has been horribly delayed and is STILL not published. However, steps are being taken to get that out.
Now, I can niether confirm or deny anything past this point, but there has been rumblings that once the HC issue is dealt with, he'll take another crack at getting the ongoing out. After the debacle with the mini, he's learned some of the valuable lessons in comic publishing and the mistakes won't likely be repeated. On his message board,
www.weaverhall.com, he's posted polls about possible things to be done to both get the HC out and the series out faster.
But, as of this moment, the ongoing series in indefinitely postponned until everything from Legion is sorted out. 88MPH is still around, it's just stagnant while it's reorganized. Remember; we're not dealing with Marvel or DC here...it's a one-man operation and that one man made some mistakes going in. But, if he learned from what he did wrong, then all these delays will be worth it.