I remember people freaking the eff out over Ninety-Nine Nights when it first came out, in both America and Japan. It was a fun game, but I never saw why people were making such a big deal out of the game. Now, from the looks of it, even Microsoft isn't making that big of a deal of its sequel, Ninety-Nine Nights 2. It seems that they're having Konami publish it.
Early this morning, I was sent a link to a Japanese teaser webpage for N3 II, and I noticed that the Konami logo was prominently displayed. Also, what is that? A Soulcalibur weapon? Later, Andria Sang comes along with news from a Microsoft press conference in Japan and confirms that Konami will indeed be the publisher for the Xbox 360 title, and not Microsoft. A release date of "TBA" was given for the game.
I'd be willing to bet that the sequel does eventually come here to the US. I'd also be willing to bet it makes even less of an impact that its predecessor.