Venus hasn't played since Wimbledon. She isn't playing New haven, and she might not play the US Open. In fact, I wouldn't be terribly surprised if she isn't in daily contact with the USTA, who wants to use her in advertising, but doesn't want (I hope) to defraud the public.
The reality is though, at #5 as it is, she has no need to play, from a ranking perspective. Even subtracting New Haven and US Open points, Venus has a 500+ point lead over the current #8, #9, #10. She;s going to make the field at L.A. even if she doesn't play til then, unless the US Open final is contested by two out of Myskina, Rubin, Hantuchova. (hey, it could happen.)
She's going to be ranked between #5 and #8 no matter what. In a GS, those are all the same seed.
01 (BEL) 6039 22 Kim Clijsters
02 (USA) 5995 11 Serena Williams
03 (BEL) 5307 20 Justine Henin-Hardenne
04 (USA) 3582 19 Lindsay Davenport
05 (USA) 3536 10 Venus Williams
3240 09 Venus Williams (w/o New Haven)
06 (FRA) 2644 14 Amelie Mauresmo
2508 08 Venus Williams (w/o US Open)
07 (USA) 2277 18 Jennifer Capriati
2212 07 Venus Williams (w/o Tour Championships)
08 (RUS) 2039 25 Anastasia Myskina
09 (USA) 2032 18 Chanda Rubin
10 (SVK) 1949 24 Daniela Hantuchova
So she doesn't need the money, she doesn't need the ranking, and she doesn't need the aggravation. So if Venus can't play the US Open, do you think she'll call it a year?