The Contour was a pet project of then Ford CEO Jac Nassar. Jac was unloved (if not downright hated) by other Ford execs, and when they managed to boot him a few years ago, they also wanted to rid themselves of any of his memories. Since the Contour was one of his "babies", it was on the list to go down the road with Jac.
I don't think Ford will ever bring back the Contour name. The name doesn't have a positive or sentimental image with the buying public, so like other models, such as the Tempo, Pinto, etc, the name will be retired forever.