It's kind of like they're trying to pretend the first one didn't exist, and that the second game is actually the story modes of both games combined. That way they get to redo all the gameplay from the first game and hopefully get it right this time, and deliver something that isn't just a much improved sequel, but actually a whole standalone game that's much better than their last attempt.
In other words, they want the second game to be more like one really long RPG, and less like two seperate games. It actually kinda sounds like a good idea, and if the difficultly is turned up and fine tuned enough I can see myself replaying the first game part. It still sounds like marketing suicide to me, though.