Could *SPOILER* still be alive?
Based on the flashback, Selene saw Marius slit Michael's throat to gather his blood. He then rubs it in her face how he has the "last" of him (a vial of blood he drinks). But could Michael still be alive. In Evolution, he survived having a metal pipe shoved all the way through his heart. It took a few hours for him to heal and wake up from his death-like coma, but he still survived. After living through something like that, simply having his throat slit seems like something he should be able to survive (unless Marius mutilated him afterwards or something). Could he have just been taunting Selene by letting her think Michael was dead?
If they really did kill off Michael, I think it was a HUGE mistake. They had so much potential with his character. He was only beginning to realize what he was capable of in the 2nd movie, and could do so much more with him. If they do insist on killing him off though, he deserved so much better than an implied death in a flashback, that was just a total slap in the face to his character. Was it so they could try and push Selene towards David? If so, I think that's a mistake too, as it totally undermines the whole vampire/lycan forbidden love of the first 3 movies, and it decreases the value of the love Selene had for Michael, which gave her a purpose beyond revenge. It's clear that David has feelings for Selene (he said how she's important to him), but she's only seemed to see him as nothing more than a companion (a friend at most).
Anyway, if they do make a 6th movie, I think an interesting twist end would be revealing that Michael is alive to help defeat the villain. Yeah, I know that's kind of a deus ex machina moment, but I think it would work well, and Selene would finally have a family again after having lost hers centuries ago.