The game has a chance to sell better than the original Mario Galaxy...and it also has a chance to sell worse.
3D Mario games are a tricky thing. They are a COMPLETELY different market than the 2D Mario games and always hit a different market each time. The people who bought Mario 64 didn't all buy Mario Sunshine. And the people who bought Mario Sunshine didn't all buy Mario Galaxy...but a lot of different (new) people bought Mario Galaxy. Part of the reason some call it the 'rebirth' of the Mario and platformer genre this gen, despite NSMB wild success.
There's a definite open market for Mario Galaxy 2, but there's probably 2 main factors that will need to be addressed. It will have to appeal to all the same people who would Mario Galaxy. While at the same time, appealing to new people. A VERY tough challenge. How do you make a game that is 'more of the same' while is 'something brand new'? If anyone can however, its Nintendo.
Remember, they made Mario Galaxy.