It's probably worth a sequel, especially if developer CI Games takes several steps in the right direction.
Gop says the "vision and concept" phase has started but that's about all we know right now. Lords of the Fallen wasn't a bad game at all but it needed a bit more spit-polish. One thing we'd really want is a much more interesting story and better characters, along with more inspired level design. And of course, we'd like to see more depth and refinement in the battle system as well.
It's definitely a game that's worth playing, though, especially if you're attracted to the exceedingly dark, fantastical atmosphere.
Related Game(s): Lords of the Fallen