Congrats to Wake and well deserved. I think a sequel is pretty much guaranteed and MUCH needed. I think Wake had easily one of the most intriguing stories of this generation. Not to mention development on a second title would be much easier and focued due to them actually knowing what platform it will be on and which mechanics they want / need to use.
If MS didn't plan on expanding on the franchise I don't see why they would have bundled it. Hopefully we'll get an announcement at E3 for Wake 2.