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I say 1-2 years for a killzone 2 if they choose to make it. They have the engine and everything already. Sequels on the same console are generally just a rehash of the first one in a new place with added content.

I think DLC would be a better way to keep it going for a while. Putting out a KZ3 in about 3 years would be a very good idea if they keep up with some ZDLC for KZ2 for the first 2 years.