I don't mind him not releasing stuff if he says that he just wants to just make music for personal joy and play an occasional gig here and there. He's in his mid-60's, no one blames him for retiring if he doesn't want to put himself through these "cycles" anymore.
But then don't drop snippets every full moon and tell that you're still very much an active solo artist in interviews and that that album is right on the cusp of release.