I think we all on part of how the supposed Blackberry Storm 3 was supposed to look guessed that it would not be released. The Storm 3 looked way too much like the Storm 2 and therefore would not really pass by Verizon as an upgrade to the current models that they have in stock. Had they made more of an effort to better the product so it could be released as the Storm 3 then this would not have been cancelled, but as it stands now it would be more of a remodeled or re-release of the Storm 2. For this purpose Verizon cancelled in order to maintain the high standards of their smartphone line ups.

Sources: Crackberry Engadget