The sequel, presumably subtitled "A Leap of Faith", was in development and had even been shown internally at EA, according to DICE's Patrick Soderlund. Additionally, the game appeared on DICE's CV in December 2009 and in an interview with Kotaku, EA boss John Riccitiello said that it was a game that deserved to come back. So this was supposed to be a thing.
The silver lining is that the official word is that the game is stalled; if it was truly canceled then they would've said as much and that would be the end of it. Still, games put in limbo tend to not survive long, Duke Nukem Forever aside, so I'm not letting my hopes get too high, but if the team gets back together and production resumes, you can bet that I'll be all over that and let y'all know.