OiNK will never return. The content is outdated, nevermind the fact that the majority of the major seeders dumped all their OiNK torrents as soon as the site went down. Alan would be starting the whole place from scratch. I, for one, can't be bothered to re-upload my library again. Been there, done that. And it's not like the IFPI is going to just forget about him now that he's been found not guilty.
The simple fact is that, like you said, the waffles are tasty. The sites that have sprung up in replacement of the pink palace have surpassed what Alan had built. It would be like taking a step backwards in progress. It's really time for everyone to stop living in the past and get on with their e-lives.