Yeah, clearly the problem isn't (just) a lack of will. I'm not a Perl 5 core dev, so obviously I don't know all the details.
So why couldn't you sustain it? Is there some reason preparing a release is so much work?
There was a long thread on p5p about regular releases for perl. I think this message is a good point to start reading (if I remember correctly): http://markmail.org/message/w4zbguq4cjitfvcb
One thing I have wondered is why we can't get a few paid people working on Perl 5. You'd think that there are enough companies out there depending on it that they'd be willing to kick in $10,000 per year each to TPF, and TPF in turn could hire a couple people.
It would be great if companies would give some money to TPF. If you look at the donations page of the perlfoundation site, you'll see that there are not that many big donations (I know that booking.com gave $50,000 to TPF last year - thanks! But such donations are rare).
Nevertheless TPF gave a grant to Dave Mitchell for releasing Perl 5.10.1.
and many more...