The 1up show preview of this game makes me curious and rather excited about it. I thought the first one was pretty good, but nothing special at all. It was short, linear, offered little variety whatsoever and almost no replay value, but was very good at the one thing that it did. In other words, it was a good game for $15. But I wouldn't have expected the sequal to be worth more than $50.
I was also a bit worried about the revamped combat as it sounded like it would be more of a beat-'em-up, but from what I gather Condemned 2 will have a lot more gameplay variety than the first, including stealth elements, on-rails shooting, and lots of optional puzzles with multiple solutions. It also sounds like it will be a lot longer with more variety to the environments. This may all be speculative, but if it lives up to what they're saying it will really improve upon its' predecessor in every way and could really be something great. Here's hoping anyway. Can't wait for some real reviews.