2K games announced a sequel (or possibly a prequel) to the excellent FPS/Adventure game Bioshock (PC, 360), it will be developed by 2K’s recently formed 2K Marin studio, and is speculated for release in late 2009.

 
On related news two of 2K’s other games have been delayed.

 Midnight Club: LA has been bumped from about now, to august-October

 Borderlands has been moved up from august-October late 2008
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It’s not really a surprise that a second iteration of Bioshock is in the works.
it was a great game and sold some 2 million units.
I suspect with the conclusion of the first game that it will either be a prequel or an entirely new setting.

I’m disappointed that Midnight Club LA was delayed, I was planning on buying it next month when it came out as it’s my favorite street racing series.

I didn’t think borderlands was coming out until next year anyway so not much of a shock, I’d imagine they need time to test all the 20,000 (or was it 200,000, I don’t remember anyway it was a lot) weapon and armor configurations.  

On a positive note it’s always better to have a game take longer to develop than to get some buggy mess.;)
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Here’s a link to the full articles

www.gamespot.com/news/6187564.html

kotaku.com/366601/bioshock-2-is-very-official-dated-for-q4-2009