GenlyAi: I can't speak for him, but I'd expect him to be already dead by D3 (fan service be damned) and, sure, his legacy lived on to other characters. I think the "OMG much drama" from the person you quoted was him being sarcastic. :D
GameRager: Or he might've been serious and a fan of that character(or someone who dislikes main characters dying to add drama to a game or film).
As for Cain living so long.....he knew some advanced magic so he might've extended his life a bit that way. Still, he could still be killed with enough force and that is what happened in D3.
BTW have you played D3 yet? I want to talk more on this but don't want to spoil it for you if you didn't play it yet.
I don't have the expansion, which from what I heard, is kinda essential now (not sure too much for the story itself). So, just in case, I'd rather not talk about it yet! I'll let know!