1 - I think the new ones are lame and I don't know any past Celebi & well-known Legendaries since then. Nintendo will keep pushing out more Pokemon though; they need things to stay fresh so people will keep buying their games and associated toys; it's a big business. I do foresee them running out of ideas for Pokemon though (well they already did in Gen II, there's that pinecone one and what the fuck is a Chikorita?)...maybe we're gonna see some pencil and eraser-type Pokemon soon.
2 - I think he who uses the Master Ball on Arceus will rule the universe.