No, you would be allowed to take it again before February 2012. The LSAC policy is that you are only allowed to take the LSAT 3 times within any given 2 year time window. That means that if your 3rd take was February 2010, you would count the two years from the date of the first of your three takes, not the last one. As soon as it has been 2 years since the first of the 3 takes you can take it again since then you would only have taken it twice within the previous 2 year period.
Yes, you are correct, it doesn't look great to LS's to have taken the LSAT several times rather than just once or say twice with one cancellation and one reported score. How it is viewed would of course also depend on what is on your score report in terms of whether you have multiple reported scores or which combo of scores, cancellations, and/or no-shows you have.
BTW, there is an easy way get an exception to the 3 times in two years limit. All you have to do is get the admissions office of any LS to write LSAC a letter saying they grant you permission to take the LSAT again and the limit is waived.