If you think King Crimson is bad, you should have a look at the history of The Chills. I think just about every song they wrote was done with a different lineup (Martin Phillips the only constant)! :-)
I think it would be hard for him to call anything Crowded House now with what happened to Paul. If Paul was still alive, but didn't want to be part of a reunion, Neil may well have gone ahead. But he was a big part of the live show...and it just wouldn't be the same. I know you have to move on some time, but maybe that could be said about a CH reunion as well.