There's another, more subtle reason to doubt a fourth generation. Presumably, such a set of particles would have to be heavier than the top quark. But the top quark is almost as heavy as a particle can be. It's Yukawa coupling (mass/higgs-vev) ~ 1. If this number gets too big, it means that there's strong coupling in the EW sector, and this would have violent effects on EW precision which we don't see. But in any event, the LHC will tell us something about these issues.
Also if you believe in Grand Unification, adding a fourth generation spoils that dream. I'm not necessarily saying that I believe in GUT's, but if you do, then you don't want to see a fourth generation.
Let me close with a plug for one of my colleagues: he is considering a scenario where there is NO higgs boson (avoiding some of the problems I mentioned in the last paragraph), while there is a fourth generation of particles WITH strong coupling. This is reminiscent of technicolor models (for which this guy is very famous for). I'm not saying I believe it, but it shows that people are seriously considering such situations. You can check out his paper at
http://arxiv.org/abs/hep-ph/0702037 if you're interested.
In conclusion: I personally do not expect to see evidence of another SM-like generation of particles, but I would be very happy to be proved wrong. And while I think the majority of theoretical particle physicists would agree with me, there are some that are still hopeful. And, of course, the experimentalists are happy to look for ANY signal of new physics, so they're going for it!