I don't know about you, but my problem starts out with the word "franchise". There are VERY few occasions in movie history where a sequel was actually as good OR better then its predecessor. Terminator 2 comes to mind (although I personally think the first one is still superior, both movies are absolute classics and milestones), I also love Predator 2, the original Star Wars, Indiana Jones. But usually, all those were made within the same decade (5-8 yrs respectively), which in most cases also preserved the same look and feel (except T2, agreed).
AVP was completely different, and you can see it. Special effects have advanced immensely and possibilities are many, but it also looks sterile and the script sucks. Star Wars I-III is a technological revolution compared to the original, and yet it's a "prequel" (and lacks all charme the original had). I so wish you could give Terminator 1 the technological possibilities and look of T2 and change nothing else. Although maybe, it would be too much already.
To what has been said above: I hadn't thought about AVP ruining another separate Alien / Pred film. That may be true. However, in my opinion, it doesn't get any better then P1. Just like Matrix, they should have left it at that and let it be the true masterpiece it is. Alien as well. I love Aliens, it added another aspect and massive action, BUT it couldn't quite compete with the claustrophobic atmosphere in the first one. P2 is great and most of all, follows P1's footsteps. However, it's just not as good.
I'm very much looking forward to AVP-R, it may actually turn out great if you look at the trailer, the Pred is badass and mean-looking, not a pussy. But I'm still doubtful, and anyway I question the entire necessitiy of that movie.
Money, money, money. All that counts. Something is successful? Make another one, you'll get the $$$ back for sure. But often enough, they ruin the entire genius of the precursors (Matrix, Batman).
**** franchise!