It doesn't seem necessary to have a sequel of a user-generated game during the same generation. They will have to add way more features to make this game significantly different from the 1st. I'll put this under the "We'll see" category for now.
Most anticipated games of 2011:
Uncharted 3,Legend of Zelda: Skyward Sword, Rocksmith
Modern Warfare 3, Super Mario 3D