I think it'd be really interesting to see his hall of fame induction, but as far as getting in the ring, it'll never happen. He's never gotten fully over his stroke. I'd put money on him never taking a bump ever again.
In response to the Gribbler, great thread man, but it was a harsh dig at Bret there. He was the best wrestler in the world in his day. He came from a pure pedigree, and if Hart hadn't put Michaels over, who knows where he'd be right now. Michaels, HHH and Vince screwed the man on his last day in a job that he'd worked his arse off in for 13 years. In that time he went from a jobber to a constant main eventer. He carried shows at times, and often carried opponents and partners. I've read his book, and its not just moaning, its a bloody good read!
But personally, I wouldn't want to see him back in the ring. Although he is probably my favorite wrestler of all time, I think some great competitors have ruined their legacy with later performances (see Roddy Piper, Scott Steiner, Mick Foley, Ric Flair etc. etc.) and I like my memories just as they are.